Buoyed by the uptick in its natural gas business, State-run is targeting sales of more than 10.50 million tonnes (Mt) by the end of this decade.
The natural gas business of the country’s largest fuel retailer witnessed record sales in the last financial year, ending March 2026.
The OMCs natural gas business recorded its highest-ever sales of 7.09 Mt, while our City Gas Distribution (CGD) business achieved positive EBITDA, said IOCL Chairman A S Sahney addressing shareholders at the company’s annual general meeting on Monday.
IOCL’s sales from its natural gas business stood at 6.892 Mt in FY25, 5.67 Mt (FY24) and 4.07 Mt (FY23).
“Looking ahead, we have set a target of increasing natural gas sales by 1.5 times by 2030, supported by expansion across the global gas value chain,” he added.
IOCL’s natural gas business spans liquefied natural gas (LNG) import and regasification, gas marketing and City Gas Distribution.
The 5 Mt per annum Ennore LNG terminal of its JV company provides import and regasification infrastructure in southern India, while its pipeline connectivity and marketing activities connect gas supply with industrial and commercial demand. The Company along with its joint ventures have authorisation across 49 geographical areas for City Gas Distribution.
To support this growth, IOCL will continue to expand its natural gas infrastructure, including pipelines, City Gas Distribution (CGD) networks, LNG import and handling facilities, and LNG fuelling stations, strengthening our position across the gas value chain, the PSU said in its annual report for FY26.
Sahney informed shareholders that IOCL’s core businesses achieved new benchmarks. Refineries recorded their highest-ever crude throughput of 75.45 Mt, liquid pipelines achieved their highest-ever throughput of 102.52 Mt, while domestic petroleum product sales reached an all-time high of 88.97 Mt.
The company commissioned 2,635 new retail outlets during the year —the highest addition among oil marketing companies — taking its network to 42,818 outlets, the largest retail footprint in the country.
‘At the same time, our clean-mobility ecosystem continued to expand, with our EV-charging and battery-swapping footprint growing to more than 15,000 locations, the widest such network among OMCs. Our CNG network also crossed 2,600 stations, keeping us at the forefront of India’s alternative fuels infrastructure,” he added.
West Asia
Sahney pointed out that towards the close of FY26, and continuing into the current financial year, events in West Asia have reminded the world about how quickly the global energy landscape can change.
The escalation of conflict and continued disruption to maritime trade through the Strait of Hormuz have posed serious challenges to global energy security.
For India, which imports more than 88 per cent of its crude oil requirement, the stakes have been particularly high—around 45 per cent of our crude imports and nearly 90 per cent of LPG imports are linked to this critical maritime corridor, he added.
For IndianOil, the priority during this unprecedented crisis has remained crystal clear—to maintain continuity of energy supplies despite constrained sourcing options and volatile international markets, Sahney emphasised.
“Despite a significant shift away from Middle Eastern crude grades, our refineries operated above 100 per cent utilisation, LPG production was ramped up by nearly 30 per cent within a short period, and our gas business maintained supplies to priority sectors while securing additional LNG from diversified geographies,” he noted.