Crude throughput at Indian refineries was largely unchanged at 5.6mn b/d in January, compared with December 2025 and the same period a year earlier, preliminary data from India's oil ministry show.
Among state-controlled refiners, throughput at IOC's nine refineries rose by 3pc on the year to 1.63mn b/d, but fell by 3pc on the month due to marginal declines in throughput at IOC's 120,000 b/d Barauni and 300,000 b/d Panipat refinery, the data show.
Throughput at its subsidiary CPCL's 210,000 b/d Manali refinery was largely unchanged on the year but fell by 9pc on the month. This was because crude intake at the refinery fell by 12pc on the month to 214,000 b/d in January, market intelligence firm Kpler show.
Throughput at HPCL's two refineries fell by 9pc on the year given that the 301,000 b/d Vizag refinery was stabilising following upgrades.
Meanwhile, throughput at HMEL's 226,000 b/d refinery in Bhatinda, north India, rose sharply on the month after undergoing maintenance for most of November 2025.
Among private refiners, Reliance Industries' (RIL) throughput remained strong, rising by 4pc on the year. The facility completed its planned turnaround at the 100,000 b/d diesel hydrotreater No.2 unit in November.
Meanwhile, throughput at Nayara Energy's 400,000 b/d Vadinar refinery remained stable since December, but it was down by 6pc on the year given that some units were down because of catalyst poisoning from running on 100pc Urals crude, sources told Argus.
India's crude and condensate production fell by 8pc on the year at 520,194 b/d in January, oil ministry data show. India's dependency on crude imports remained at 89pc during the month.
Ethanol blending in gasoline was 20pc in January, largely unchanged from December. Cumulative blending over November 2025-January 2026 also came in at 20pc.
An increase in ethanol blending into the domestic blending pool has helped Indian refiners like IOC, BPCL, MRPL to increase rare spot gasoline cargoes for exports, traders said.
| Indian refinery throughput | b/d | ||||
| Refiner | Jan '26 | Dec '25 | m-o-m ± % | Jan '25 | y-o-y ± % |
| IOC | 1,584,226 | 1,631,516 | -3 | 1,536,935 | 3 |
| BPCL | 851,226 | 827,581 | 3 | 851,226 | 0 |
| HPCL | 496,548 | 496,548 | 0 | 543,839 | -9 |
| MRPL | 354,677 | 354,677 | 0 | 378,323 | -6 |
| CPCL | 236,452 | 260,097 | -9 | 236,452 | 0 |
| NRL | 70,935 | 70,935 | 0 | 70,935 | 0 |
| RIL | 1,371,419 | 1,442,355 | -5 | 1,324,129 | 4 |
| Nayara Energy | 378,323 | 378,323 | 0 | 401,968 | -6 |
| HMEL | 283,742 | 141,871 | 100 | 260,097 | 9 |
| Total | 5,627,548 | 5,603,903 | 0 | 5,603,903 | 0 |
| Source: India's oil ministry | |||||
