New Delhi: State-run refiner Bharat Petroleum (BPCL) has raised its capital expenditure plan for the coming fiscal year by 35 per cent to ₹25,000 crore, driven by an aggressive push into petrochemicals, even as peers Indian Oil and ONGC have trimmed their investment budgets.
Indian Oil, the country’s largest refiner, plans to spend ₹32,700 crore on capex, while top oil and gas producer ONGC has set aside ₹30,000 crore—both about 6 per cent lower than their FY26 spending, according to the budget document. Capex at GAIL, the nation’s largest gas marketer and transporter, is slated to rise 29 per cent to ₹11,518 crore, while declining at Hindustan Petroleum (HPCL) and Oil India.
Overall, state-run oil companies plan to spend ₹1.34 trillion in FY27, marginally higher than ₹1.30 trillion this year. Of the total, ₹60,000 crore has been earmarked for refining and marketing, a 6 per cent decline, while spending on exploration and production is set to rise 4 per cent to ₹57,600 crore.
The sharpest increase is in the petrochemicals segment, where spending will jump 56 per cent next year to ₹16,000 crore next year.
BPCL will account for the largest share of this outlay, nearly tripling its petrochemicals investment to ₹9,750 crore from ₹3,500 crore this year. Indian Oil has allocated ₹3,875 crore for petrochemicals, while GAIL has earmarked ₹2,256 crore.
HPCL’s overall planned capex for next fiscal will fall 16 per cent to ₹9,641 crore as its Rajasthan refinery—one of its biggest spending projects in recent years—nears commissioning. Oil India’s capex will edge down 2 per cent to ₹8,653 crore.
