Overview

Indian Oil Corporation Limited, commonly known by the trade name Indian Oil, is one of India's principal state-owned energy companies. It operates under the administrative control of India's Ministry of Petroleum and Natural Gas and is headquartered in New Delhi, while the company is registered in Mumbai. Although its historical identity is rooted in petroleum refining and fuel marketing, its activities extend across much of the hydrocarbon value chain: crude-oil refining, petroleum-product transportation through pipelines, fuel distribution, retail marketing, liquefied petroleum gas, lubricants, natural gas, petrochemicals, aviation fuel, exploration and production, and selected alternative-energy businesses. The corporate foundation was laid in 1959 with the incorporation of Indian Oil Company Limited. In 1964, Indian Oil Company and Indian Refineries Limited were combined, creating the modern Indian Oil Corporation structure and bringing marketing and refining capabilities together. Early refinery development, including the Guwahati, Barauni and Gujarat facilities, helped establish the company as a national energy-infrastructure institution during India's post-independence industrialization. The company also invested in storage terminals and pipelines, reducing dependence on fragmented road and rail logistics and helping connect refineries with industrial, agricultural, transport and household customers. Indian Oil's consumer portfolio includes petrol and diesel sold through its extensive retail network, Indane-branded domestic and commercial LPG, SERVO lubricants, aviation turbine fuel, natural gas and a range of petrochemical products. Its refining and pipeline systems support both national fuel security and the supply of feedstocks used by manufacturing industries. Subsidiaries and affiliates have also extended the Indian Oil presence beyond India, notably through Lanka IOC in Sri Lanka, IndianOil Mauritius and an entity serving the Middle East. The company has periodically diversified upstream and internationally. Examples include participation with Oil India in an unconventional oil and gas asset in the United States, investment in Russian upstream interests through an Indian consortium, and involvement in gas-market infrastructure. It has also explored solar, wind, electric-mobility infrastructure and other lower-carbon opportunities. These activities do not make Indian Oil primarily a renewable-energy brand: its main business remains integrated oil, gas, refining and fuel marketing. The renewable-energy input is therefore best understood as a diversification and transition stream within a much larger national energy company. Indian Oil is publicly traded, but the Government of India remains its controlling owner. Its scale, government ownership and broad distribution network give it a dual role: it competes commercially with other Indian oil companies while also supporting public energy-supply objectives. The brand is consequently associated with nationwide availability, fuel logistics, household LPG and public-sector reliability rather than with a narrowly defined clean-energy proposition.

History

Indian Oil's history is closely tied to the construction of India's post-independence petroleum infrastructure. Indian Oil Company Limited was incorporated in 1959, creating a national platform for petroleum marketing and supply. In 1964, it merged with Indian Refineries Limited. The combination united refining assets with fuel-marketing operations and formed the institutional basis of Indian Oil Corporation Limited. The company's first decades were defined by capacity building. The Guwahati refinery became an early landmark, followed by the Barauni refinery and the Gujarat refinery at Koyali. These facilities were accompanied by terminals, depots and product pipelines that allowed refined fuels to move more efficiently across the country. This infrastructure helped Indian Oil serve transport, agriculture, households and industrial customers while reducing the logistical constraints associated with reliance on road and rail movement. In 1965, Indian Oil introduced Indane in the LPG market. Indane eventually became one of India's best-known household cooking-gas brands, extending the company's role from industrial fuel supply into everyday domestic energy. During the following decades, Indian Oil expanded its refinery network, pipeline systems, retail outlets, aviation-fuel operations and lubricants business. SERVO became an important lubricant brand, while the company developed a broad petroleum-product portfolio for mobility, industry and household use. Indian Oil later broadened its portfolio beyond conventional downstream petroleum. It entered or expanded in natural gas, petrochemicals, exploration and production, overseas operations and related industrial businesses. Its international footprint has included Sri Lanka, Mauritius and the Middle East. The company also participated in upstream investments with Indian partners, including a 2012 joint venture involving shale assets in the United States and later consortium activity connected with Russian upstream assets. The company has remained majority government-owned and has continued to combine commercial operations with a public-sector role in national energy security. Its modern strategy includes maintaining refining, pipeline and fuel-marketing scale while developing gas, petrochemicals, electric-vehicle charging, solar, wind and other lower-carbon opportunities. Indian Oil is therefore not simply a renewable-energy company; renewable activity forms one part of a diversified transition agenda within a large integrated oil and gas enterprise.

2023
NCLT approval for Mercator Petroleum acquisition
[4]Moneycontrol report on Mercator Petroleum acquisition approvalmoneycontrol.com
The National Company Law Tribunal approved Indian Oil's resolution plan for the complete acquisition of Mercator Petroleum, subject to required procedures.
2021
Investment in Indian Gas Exchange
[3]Business Standard report on Indian Gas Exchange investmentbusiness-standard.com
Indian Oil approved an approximately 4.93% investment in Indian Gas Exchange, supporting diversification into gas-market infrastructure.
2012
First U.S. upstream acquisition
[2]IndianOil official news release on Carrizo shale transactioniocl.com
Indian Oil and Oil India entered a joint venture with Carrizo involving liquid-rich shale assets in the Niobrara basin.
2003
Lanka IOC incorporated
[6]Indian Oil history and subsidiaries overviewenrichmoney.in
Lanka IOC was incorporated as part of Indian Oil's international downstream expansion.
2002
Autogas and IBP expansion
[6]Indian Oil history and subsidiaries overviewenrichmoney.in
Indian Oil launched Autogas and acquired a controlling stake in IBP Company, broadening its automotive-fuel and retail presence.
1965
Indane LPG introduced
[5]Indian Oil history overviewpestel-analysis.com
Indian Oil entered the LPG market with the Indane brand, later developing a major household and commercial cooking-gas business.
1964
Merger with Indian Refineries Limited
[1]Indian Oil Corporationen.wikipedia.org
Indian Oil Company and Indian Refineries Limited were merged, establishing the modern Indian Oil Corporation structure.
1964
Guwahati refinery began operations
[5]Indian Oil history overviewpestel-analysis.com
The Guwahati refinery became an early foundation of Indian Oil's national refining network.
1959
Indian Oil Company Limited incorporated
[1]Indian Oil Corporationen.wikipedia.org
The company that became the foundation of Indian Oil was incorporated as Indian Oil Company Limited.

Products and positioning

A nationwide, government-owned integrated energy provider combining refining, pipelines, fuel retailing, household LPG and industrial energy products with gradual expansion into gas, petrochemicals and lower-carbon businesses.

Fuel retail and petroleum products
IndianOil
IndianOil is the principal consumer-facing fuel identity used across the company's retail stations and petroleum-product business. The portfolio includes petrol, diesel and other transport and industrial fuels, supported by Indian Oil's refining, storage, pipeline and distribution network. Premium products such as XTRAPREMIUM sit within this broader retail offer.
Liquefied petroleum gas · 1965
Indane
Indane is Indian Oil's LPG brand for household, commercial and other cooking-fuel customers. Introduced in 1965, it became a major part of the company's consumer-energy business and helped extend Indian Oil's reach into domestic kitchens as well as institutional and commercial users.
Lubricants
SERVO
SERVO is Indian Oil's lubricants brand, serving automotive, industrial and other machinery applications. Its range is associated with engine oils and related lubricant products for passenger vehicles, commercial vehicles, two-wheelers and industrial equipment.
Premium automotive fuel · 2003
XTRAPREMIUM
XTRAPREMIUM is a premium fuel offering marketed through Indian Oil's retail network. It forms part of the company's effort to segment its motor-fuel portfolio beyond standard petrol and diesel products.
Gas and chemical products
Natural gas and petrochemicals
Indian Oil supplies and markets natural gas and produces petrochemical feedstocks and products connected with its refining system. These businesses diversify the company beyond transportation fuels and support industrial customers across manufacturing and energy-intensive sectors.

Controversies

2022
Indian Oil faces criticism over continuing Russian business activities
Following Russia’s invasion of Ukraine, advocacy groups criticized Indian Oil’s continued commercial links with Russia and questioned whether those activities were consistent with international efforts to economically isolate the Russian government.
Source
2022
Criticism of Indian Oil’s Russian activities after the invasion of Ukraine
Indian Oil faced criticism from advocacy groups over continued commercial activities and supply relationships connected with Russia after Russia’s 2022 invasion of Ukraine. Critics argued that continued engagement could weaken international efforts to economically isolate Russia and raised questions about the company’s corporate-responsibility position during a geopolitical crisis. The issue is recorded here as a controversy and criticism campaign; the available reference material does not establish a finding of legal wrongdoing by Indian Oil.
Source

Brand decisions

2023
Mercator Petroleum acquisition processM&A
Background
Mercator Petroleum was subject to a corporate insolvency resolution process, creating an opportunity for an approved resolution applicant to acquire the business.
Action taken
The National Company Law Tribunal approved Indian Oil's resolution plan, with implementation dependent on completion of regulatory and other required steps.
Aftermath
The approval positioned Indian Oil to complete the acquisition and add the relevant petroleum assets to its downstream portfolio.
Source
2021
Investment in Indian Gas ExchangeM&A
Background
Indian Oil sought a stronger position in India's developing organized gas-trading infrastructure.
Action taken
The company approved the acquisition of approximately 4.93% of Indian Gas Exchange, a subsidiary of Indian Energy Exchange.
Aftermath
The investment expanded Indian Oil's exposure beyond physical fuel production and distribution into gas-market infrastructure.
Source
2012
U.S. shale-asset joint ventureM&A
Background
Indian Oil and Oil India sought international upstream diversification through a joint investment with Carrizo Oil & Gas in liquid-rich shale assets in the Niobrara basin.
Action taken
The Indian consortium agreed to acquire a 30% interest in the identified asset, with Indian Oil participating through its wholly owned U.S. subsidiary.
Aftermath
The transaction gave Indian Oil an initial platform in the U.S. upstream sector and supported its stated strategy of geographic and portfolio diversification.
Source

Recent events

2026.10.21
Reported2026.10.21
Indian Oil plans to reduce Middle East oil imports[8]印度石油公司计划减少中东石油进口news.google.com
A Reuters headline reports that Indian Oil is to trim Middle East oil imports under annual deals amid the Iran war; the headline describes a plan, not a completed reduction.
2026.08.19
Reported2026.08.20
MC² Foundation launches MC²+ Ignite energy innovation accelerator[9]MC²基金会推出MC²+ Ignite能源创新加速器aninews.in
MC² Foundation launched MC²+ Ignite, an energy innovation accelerator, at IIT Madras on August 19, with the Secretary of India's Ministry of Petroleum and Natural Gas and the CMDs of major Indian oil and gas companies present. The programme will select about 30 startups, which will be eligible for up to ₹2 crore in milestone-linked convertible funding, and has partnered with IIT Madras, IIT Kanpur, IIT Kharagpur, C-CAMP and Venture Center, Pune.
2026.08.10
Reported2026.08.11
IndianOil launches Indane XTRALITE NOW 10-kg composite LPG cylinder in Guwahati[10]印度石油公司在古瓦哈提推出Indane XTRALITE NOW 10公斤复合液化石油气钢瓶sentinelassam.com
IndianOil launched its 10-kg Composite Free Trade LPG (FTL) cylinder, branded 'Indane XTRALITE NOW', in Guwahati on Monday. The lightweight, rust-free cylinder has a translucent body allowing customers to monitor the LPG level, and is aimed at urban households, professionals, premium residential communities and customers seeking a modern LPG option. The initial cylinder cost was fixed at Rs 4,853, with refills at Rs 1,667.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
2021.11.22
Reported2021.11.22
IndianOil wins Community Collaboration Award[11]印度石油公司获得社区协作奖devdiscourse.com
Indian Oil Corporation Limited (IndianOil) was awarded the Community Collaboration Award at the Asia Corporate Excellence & Sustainability Awards 2021, organised by MORS Group, Malaysia.
Unconfirmed
Reported2021.11.03
Indian Oil rolls out XtraGreen diesel[12]Indian Oil推出XtraGreen柴油autocarindia.com
Indian Oil Corporation Limited rolled out XtraGreen diesel at 126 fuel stations across 63 cities in India. The company says the product improves fuel efficiency and reduces certain emissions compared with regular diesel.
2021.09.04
Reported2021.09.05
IndianOil launches SERVO Green mile and SERVO Raftaar lubricants[13]IndianOil推出SERVO Green mile和SERVO Raftaar润滑油dailyexcelsior.com
IndianOil launched SERVO Green mile and SERVO Raftaar lubricants, designed for BS-VI vehicles to help reduce emissions and improve engine performance.
2021.08.07
Reported2021.08.07
Indian Oil starts app-based doorstep diesel delivery in Mumbai[14]Indian Oil在孟买启动应用程式预订的上门柴油配送aninews.in
Indian Oil, Humsafar India and Okara Fuelogics began providing app-based doorstep diesel delivery in Mumbai using the Fuel Humsafar app.
2021.08.06
Reported2021.08.06
IndianOil launches missed-call connection booking and doorstep double-cylinder facility[15]IndianOil推出未接来电办理新接驳及上门双瓶服务sentinelassam.com
IndianOil launched a missed-call facility for customers to obtain new connections and a doorstep facility for existing Indane customers to obtain a second cylinder.
2020.12.02
Reported2020.12.02
Indian Oil launches XP100 petrol in India[16]Indian Oil 在印度推出 XP100 汽油zigwheels.com
Indian Oil launched XP100, a 100-octane premium petrol, in India. It was available in 10 cities, with availability planned for five additional cities.
2020.08.27
Reported2020.08.26
Indian Oil launches outlet-safety reassurance campaign[17]印度石油公司推出加油站安全宣传活动thehindu.com
Indian Oil Corporation launched the Aruvadhu Naal Aruvadai campaign to reassure customers that it was safe to visit its outlets. The campaign was planned to run through October and included enrolling eligible customers in an extra rewards scheme.

Related entries

Government of India

Indian Oil Corporation Limited (IOCL)