State-owned Indian Oil Corporation (IOC) on Monday said its petroleum products market share climbed to 43% in FY23, during which all its divisions posted stellar performances, PTI reported.
The company's statement revealed that it added almost 1,800 petrol pumps, registered a 14% increase in fuel sales, and achieved the highest-ever pipeline expansion during the period from April 2022 to March 2023.
IOC owns approximately one-third of India's oil refining capacity and about half of its fuel retailing infrastructure.
IOC chairman S M Vaidya said the company's refineries clocked the highest-ever throughput of over 72.4 million tonnes in 2022–2023, 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 at 94.7 million tonnes.
IOC also registered the highest-ever pipeline expansion of about 2,450 kilometres during the year.
On the marketing front, IOC has achieved fuel sales growth of about 14% year-on-year. In addition, IOC's lubricant brand Servo registered its highest-ever sales volume of 701,000 tonnes with a growth of 9% during 2022–23.
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% of (all) PSU commissioning's," 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, bringing 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 the company's stellar operational performances, it also delivered impressive results on the capital expenditure utilisation front. Indian Oil has spent an all-time high amount of ₹35,205 crore on investments, which is 123% of the allotted target," it said.
In FY23, the company invested ₹34,388 crore in its own projects and ₹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 ₹2.4 lakh crore." "These investments reflect Indian Oil's commitment to achieving sustainable growth and strengthening its position in the Indian market," the statement added.
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