New Delhi: State-owned Indian Oil Corporation (IOC) on Monday said that its fuel market share climbed to 43 percent in the fiscal year that ended on March 31 during which all its divisions posted stellar performance. IOC, the nation's top oil firm, added almost 1,800 petrol pumps, clocked highest ever throughput at its refineries, posted a 14 percent jump in fuel sales, and registered the highest-ever pipeline expansion during 2022-23 (April 2022 to March 2023), the firm said in a statement. The company owns about a third of India's oil refining capacity and about half of the nation's fuel retailing infrastructure.
IOC chairman S M Vaidya said that the company's refineries clocked the highest-ever throughput of over 72.4 million tonnes in 2022-23, compared with 67.67 million tonnes in the previous fiscal year. Its liquid pipelines throughput jumped from about 83.25 million tonnes in 2021-22 to the highest ever 94.7 million tonnes. IOC also registered the highest-ever pipeline expansion of about 2,450 kilometres during the year.
"Despite challenging geopolitical situations, what stood out was our teams' perseverance and the determination to rise above every challenge thrown at us. Our unwavering commitment to excellence has paid off, and Indian Oil continued to shine bright on the operational front," he said.
On the marketing front, IOC has achieved fuel sales growth of about 14 percent on year-on-year basis. "Its petroleum products market share increased from 40.8 percent in 2021-22 to 42.9 percent in 2022-23," the statement said. Petrol sales grew by over 19.2 percent, diesel by nearly 19.3 percent, and LPG sales rose by about one percent.
IOC's lubricant brand Servo registered its highest-ever sales volume of 7,01,000 tonnes with a growth of 9 percent during 2022-23. This growth in lubricant sales came on the back of a spectacular 24 percent rise during 2021-22 and 26 percent growth 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," the statement said adding IOC's grease sales also registered a growth of about 8 percent in the last financial year. Expansion of the marketing network has also been a firm focus area for IOC.
"During 2022-23, the company commissioned 1784 outlets (petrol pumps), about 46 percent of (all) PSU commissions," the statement said. The Indian Oil fuel station network now has 36,285 outlets spread across the length and breadth of the country. Last year, IOC also commissioned five aviation fuel stations taking the total to 132, seven Indane LPG bottling plants, taking the total to 108, and three depots and terminals taking the total to 120.
"In addition to Indian Oil's stellar operational performances, the company has also delivered impressive results on the capital expenditure utilisation front. Indian Oil has spent an all-time high amount of Rs 35,205 crores on investments, which is 123 percent of the allotted target," it said. The company invested Rs 34,388 crores in its own projects and Rs 817 crores in joint ventures and subsidiaries in FY23.
"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 Indian Oil's commitment to achieving sustainable growth and strengthening its position in the Indian market," it added.
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