Indian Oil reports crude throughput of 72.4 MMT in FY23

A logo of Indian Oil is seen outside a fuel station in New Delhi.

Indian Oil Corporation Limited (IOCL) reported its highest-ever crude throughput of over 72.4 million metric tonnes (MMT) in the financial year 2022-23, compared to 67.67 MMT in the last year.

State-run Indian Oil said its liquid pipelines throughput jumped significantly to the highest-ever 94.7 MMT in FY23 from about 83.25 MMT in 2021-22. The company also registered the highest-ever pipeline expansion of about 2,450 km during the year.

Capital expenditure of India’s biggest oil marketing company stood at Rs 35,205 crore, which is 123 percent of the allotted target in FY23. The company invested Rs 34,388 crore in its own projects and Rs 817 crore in joint ventures and subsidiaries.

“The company is currently overseeing 120 ongoing projects of various scales, with a total capital cost of around Rs 2.4 lakh crore. These investments reflect IndianOil's commitment to achieving sustainable growth and strengthening its position in the Indian market,” said Indian Oil.

Marketing growth

Indian Oil achieved growth of about 14 percent in POL (Petroleum, oil and lubricant) sales in FY23 on a yearly basis.

The company said its petrol, diesel and LPG (liquefied petroleum gas) sales rose by 19.2 percent, 19.3 percent and 1 percent respectively during 2022-23.

IndianOil's lubricant brand SERVO also registered its highest-ever sales volume of 701 TMT with a growth of 9 percent during 2022-23. The growth was, however, lower than a 24 percent rise during 2021-22 and a 26 percent rise in 2020-21.

“This translates to a market share rise from 24.9 percent in 2020-21 to 27.1 percent in 2022-23, thus cementing SERVO's stronghold across all lube segments in India. IndianOil's Grease sales also registered a growth of about 8 percent in the last financial year,” the company said.

In FY23, Indian Oil commissioned 1,784 outlets, about 46 percent of the total commissioning by the PSUs, taking the total outlets to 36,285 across the country.

The company also commissioned five aviation fuel stations taking the total to 132; seven Indane bottling plants, taking the total to 108; and three depots and terminals taking the total to 120.