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Informist, Friday, Mar. 6, 2026

 

--Govt source: MRPL more than adequately stocked, no plan to shut operations 

 

NEW DELHI – Mangalore Refinery and Petrochemicals Ltd. has more than adequate crude oil stocks to run operations, a top government official said Friday. "There is no requirement to shut operations," the official said.

 

Earlier in the day, a senior official at the company had told Informist that the company sources 80% of its crude oil from West Asia and a ship in transit carrying crude oil for the company was unreachable and the company had received no confirmation from it for the past four days. The official also said the comany had crude oil stocks to run operations for about 10 days and had not shut any of its refinery units at the moment. 

 

The crude oil supply crisis emanates from the escalation of war in West Asia. India currently faces fresh geopolitical risks after Israel and the US launched joint military strikes on Iran Saturday, prompting retaliation from Tehran. Iran's Supreme Leader, Ayatollah Ali Hosseini Khamenei, and several of the country's top military leaders were killed in the first wave of attacks by Israel and the US. Iran has since retaliated against Israel and also targeted US military installations around the Persian Gulf.

 

Iran has also shut the Strait of Hormuz, a narrow waterway that connects the Persian Gulf to the Indian Ocean, resulting in a sharp jump in prices of crude oil and natural gas. A fifth of the global crude oil supply flows through the Strait of Hormuz. About half of India's crude oil imports – primarily from Iraq, Saudi Arabia, the United Arab Emirates, and Kuwait – also pass through the strait, making the country particularly vulnerable to shipping bottlenecks there and to surging freight and insurance rates.

 

Mangalore Refinery and Petrochemicals operates a 15 million-tonne-per-annum unit at Mangaluru in Karnataka, which is its primary manufacturing unit. In 2024-25 (Apr-Mar), the company processed gross crude throughput of 18.18 million tonnes, up from 17.12 million tonnes in FY24, as per the company's annual report. 

 

For the December quarter, the company, which is a subsidiary of Oil and Natural Gas Corp. Ltd., reported a net profit of INR 14.45 billion on revenue of INR 297.20 billion. On Friday, MRPL's shares ended at INR 206.55 on the National Stock Exchange, up 5.3% from the previous close.  End

 

Reported by Priyasmita Dutta

Edited by Avishek Dutta

 

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