IndianOil Boosts Bulk Diesel Market Share, Outshines Reliance and Nayara

Indian Oil Corporation (IOC) has taken a big leap in India’s bulk diesel market, grabbing a 53.5% share in April and May 2025, up from 43.6% last year, according to industry reports. This 10% jump has put IOC ahead of private competitors like Reliance Industries Limited (RIL) and Nayara Energy, who together lost 7% of their market share.

Key Insights:
• IndianOil grabs 53.5% of the bulk diesel market, beating Reliance and Nayara
• IOC boosts market share with aggressive pricing, leaves rivals trailing
• IndianOil regains bulk diesel dominance as Reliance and Nayara lose ground

With A.S. Sahney as the new chairman, the IOC has changed its game plan. Moving away from the previous focus on high profits under former chairman S.M. Vaidya, the company is now all about gaining market control. This shift has helped IOC recover from a low of 43.6% market share in 2024, compared to 60% in 2022. Thanks to cheaper crude oil prices—now around $65 per barrel, down from $80 in January—IOC has been able to offer big discounts, driving up sales to major buyers like railways, defense, and state transport companies.

Reliance Industries’ share dropped to 9.9% from 13.8%, while Nayara Energy’s fell to 8.7% from 11.9%. Other state-run companies also saw declines, with Hindustan Petroleum’s share slipping to 12.9% from 14.2% and Bharat Petroleum’s to 12.5% from 14.8%. IOC’s growth was especially strong among miners, manufacturers, and transport companies in states like Jharkhand, West Bengal, Chhattisgarh, Rajasthan, and Haryana.

Industry insiders say IOC’s success comes from its competitive pricing, made possible by better refining profits due to lower crude oil costs. About 12% of India’s diesel goes to bulk buyers, with the rest sold at retail pumps. IOC has been offering attractive deals to non-contracted buyers, like miners and smaller industries, which has fueled its market share growth.

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This move shows IOC’s ability to adapt in a tough market, challenging private players like RIL and Nayara, who have relied on discounted Russian crude. As IOC keeps up its aggressive pricing, the bulk diesel market could see more changes, with state-run companies making a strong comeback.