HPCL (Hindustan Petroleum Corporation Limited) is an Indian public-sector oil refining and marketing company, headquartered in Mumbai, that refines crude oil at its own refineries, sells petrol, diesel, LPG and lubricants through one of the country’s largest fuel-retail networks, and has been a subsidiary of the Oil and Natural Gas Corporation (ONGC) since January 2018. HPCL is classified as a Maharatna central public sector enterprise, the highest category of financial autonomy that the Government of India grants to its public enterprises.
HPCL operates two wholly owned refineries at Mumbai and Visakhapatnam, holds a stake in the Guru Gobind Singh Refinery at Bathinda through a joint venture, and is building the HPCL Rajasthan Refinery (HRRL) at Pachpadra in Barmer district. Its “HP” brand is familiar to motorists and households across India through petrol pumps and “HP Gas” cylinders. 21 October 2026.
| Attribute | Details |
|---|---|
| Full name | Hindustan Petroleum Corporation Limited (HPCL) |
| Formed | 1974, through the nationalisation and merger of Esso and Lube India assets |
| Headquarters | Mumbai, Maharashtra |
| Administrative ministry | Ministry of Petroleum and Natural Gas |
| Parent | Oil and Natural Gas Corporation (ONGC), majority owner since 2018 |
| Status | Maharatna central public sector enterprise |
| Own refineries | Mumbai (Maharashtra) and Visakhapatnam (Andhra Pradesh) |
| Other refining interests | Bathinda joint venture (HMEL) and the Rajasthan refinery (HRRL) |
| Brands | HP fuels, HP Gas (LPG), Power fuels, HP lubricants |
Key Takeaways
- HPCL stands for Hindustan Petroleum Corporation Limited, a Mumbai-headquartered Maharatna public sector oil refiner and marketer.
- HPCL became a subsidiary of ONGC in January 2018, when the Government of India sold its majority stake in HPCL to ONGC.
- HPCL runs refineries at Mumbai and Visakhapatnam and has a joint venture refinery at Bathinda in Punjab.
- HPCL is building the HPCL Rajasthan Refinery (HRRL) at Pachpadra in Barmer district as a joint venture with the Government of Rajasthan.
- HPCL sells fuels through a network of more than 20,000 retail outlets and supplies LPG to millions of households under the HP Gas brand.
- HPCL operates and has stakes in product pipelines, terminals and depots that move petroleum products from refineries to consumption centres.
What is HPCL?
HPCL is a government-controlled integrated downstream oil company that refines crude oil and markets refined products to consumers, industry, aviation and the armed forces. Its business covers the whole downstream chain: crude receipt, refining, pipelines, terminals, retail outlets, LPG distribution, lubricants and specialty products.
The company is one of three major state-owned oil marketing companies in India, the other two being Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL). Together they sell most of the petrol, diesel and LPG consumed in the country, alongside private players such as Reliance-bp and Nayara Energy.
HPCL is listed on the National Stock Exchange and the BSE. Although it is a listed company with public shareholders, the controlling stake is held by ONGC, which in turn is majority-owned by the Government of India.
When was HPCL formed and how did it evolve?
HPCL was formed in 1974 when the Government of India nationalised Esso India and merged it with Lube India Limited, creating Hindustan Petroleum Corporation Limited. The assets of Caltex Oil Refining (India) Limited, including the Visakhapatnam refinery, were taken over in the late 1970s and added to the company.
The Mumbai refinery began operations in the 1950s under a private foreign-owned company, and the Visakhapatnam refinery started in the late 1950s. Both were later expanded and modernised. HPCL later moved up the public enterprise ladder, from Navratna to the Maharatna category, in line with its growth in turnover, net worth and profits.
Major milestones
- 1974: HPCL is formed from Esso India and Lube India.
- Late 1970s: Caltex’s refinery and marketing assets at Visakhapatnam are integrated.
- Late 1990s onwards: Pipeline and terminal infrastructure expands.
- 2000s: Joint venture refinery at Bathinda is conceived with the Mittal group.
- 2018: ONGC acquires the Government of India’s controlling stake.
- 2020s: Visakhapatnam modernisation completes and the Rajasthan refinery project advances.
Who owns HPCL and how is it governed?
ONGC owns the majority of HPCL’s equity, with the remaining shares held by public shareholders, mutual funds, insurers and foreign institutional investors. In 2018, ONGC bought the Government of India’s stake of about 51 per cent in HPCL, in a transaction valued at several tens of thousands of crore rupees.
The company is run by a Board of Directors comprising a Chairman and Managing Director, functional directors for refining, marketing, finance and human resources, government-nominated directors and independent directors. The Ministry of Petroleum and Natural Gas remains the administrative ministry.
As a Maharatna enterprise, HPCL can make large investments, including overseas ones, within the limits set by the government without seeking case-by-case approval from the Union Cabinet. This autonomy is intended to let public enterprises compete with private and global peers.
What are HPCL’s refineries?
HPCL’s refineries are the Mumbai refinery at Mahul in Maharashtra and the Visakh refinery at Visakhapatnam in Andhra Pradesh, supplemented by its stake in the Guru Gobind Singh Refinery at Bathinda in Punjab and the planned Rajasthan refinery. Together these assets give HPCL access to refining capacity in the west, the east coast and the north of India.
| Refinery | Location | Ownership and notes |
|---|---|---|
| Mumbai Refinery | Mahul, Mumbai, Maharashtra | Wholly owned; capacity of roughly 9 to 10 MMTPA; supplies western India and lubricant base oils |
| Visakh Refinery | Visakhapatnam, Andhra Pradesh | Wholly owned; capacity raised to roughly 15 MMTPA through modernisation; serves southern and eastern markets |
| Guru Gobind Singh Refinery (HMEL) | Bathinda, Punjab | Joint venture with Mittal Energy Investments; capacity above 11 MMTPA; HPCL is a major shareholder |
| HPCL Rajasthan Refinery (HRRL) | Pachpadra, Barmer, Rajasthan | Joint venture with the Government of Rajasthan; designed at about 9 MMTPA with a petrochemical complex; under construction or commissioning |
Capacities are approximate and have changed over the years through debottlenecking and modernisation, so readers should check the latest annual report for current figures.
What is the Mumbai refinery of HPCL?
The Mumbai refinery of HPCL is a coastal refinery at Mahul on the eastern shore of Mumbai, which receives crude by sea and by pipeline and supplies fuels to Mumbai, Pune and the wider Maharashtra and Gujarat region. It is one of the oldest refineries in India, dating from the 1950s, and has been repeatedly upgraded to produce BS-VI quality petrol and diesel.
The refinery is also notable for producing lubricant base oils and a wide variety of specialty products. A lube refinery complex at Mumbai manufactures base oils used in finished lubricants sold under HPCL’s own brand and for other blenders. Its urban location means that environmental, safety and land-use considerations are especially important.
What is the Visakhapatnam refinery of HPCL?
The Visakhapatnam refinery of HPCL, commonly called Visakh Refinery, is HPCL’s largest wholly owned refinery, located on the Bay of Bengal coast in Andhra Pradesh. It started in the late 1950s as a Caltex facility and has grown through successive expansions, most recently a major modernisation and expansion project that raised its crude-processing capability to about 15 MMTPA.
The modernisation added units that process heavier crude and increase production of cleaner fuels such as BS-VI petrol and diesel. The refinery supplies southern and eastern India, and also feeds product pipelines that carry fuels towards Vijayawada and Secunderabad. Its location on the east coast provides access to imported crude from West Asia, West Africa and other regions.
What is the HPCL Rajasthan Refinery (HRRL)?
The HPCL Rajasthan Refinery, abbreviated HRRL, is a greenfield refinery and petrochemical complex being developed at Pachpadra in Barmer district of Rajasthan by HPCL Rajasthan Refinery Limited, a joint venture between HPCL and the Government of Rajasthan. HPCL holds the larger share, and the state government holds a minority stake.
The refinery is designed for about 9 MMTPA of crude processing and is meant to run partly on crude from Rajasthan’s own oil fields in the Barmer basin, supplemented by imported crude. A petrochemical complex integrated with the refinery is planned to produce products such as polypropylene and polyethylene.
Project timelines for large refineries often change, so the commissioning status of HRRL should be checked in official updates from HPCL and the Ministry of Petroleum and Natural Gas.
How large is HPCL’s fuel-retail and LPG network?
HPCL has one of the largest fuel-retail networks in India, with well over 20,000 retail outlets, and also runs one of the biggest LPG distribution systems under the HP Gas brand, serving many millions of households. These numbers grow year by year as new outlets and distributorships are added.
The retail network sells petrol, diesel, premium fuels and, increasingly, alternative energy products such as compressed natural gas (CNG), electric vehicle charging and ethanol-blended fuels. HPCL also supplies industrial customers, power plants, railways, the defence forces and airlines through aviation fuel stations at airports.
Main business lines
- Retail: petrol pumps, premium fuels and convenience stores on highways and in cities.
- LPG: HP Gas cylinders for household and commercial use, including supply under government schemes such as the Pradhan Mantri Ujjwala Yojana.
- Direct sales: bulk diesel, furnace oil, bitumen and solvents to industry and institutions.
- Aviation: aviation turbine fuel (ATF) supply at airports across India.
- Lubricants: engine oils, industrial lubricants and greases under HPCL brands.
Retail prices of petrol and diesel are now market-linked, though oil marketing companies often adjust them gradually in response to government guidance and global crude price movements.
What pipelines does HPCL operate?
HPCL operates or holds stakes in several petroleum product pipelines, including the Mumbai-Pune pipeline, the Visakhapatnam-Vijayawada-Secunderabad pipeline, and the Mundra-Delhi pipeline through its joint venture, HPCL-Mittal Pipelines Limited. These pipelines carry petrol, diesel and ATF from refineries and ports to inland terminals and depots.
Pipelines are a cheaper and safer way of transporting products over long distances than road tankers or rail wagons, which is why oil companies keep extending them. A pipeline network also helps reduce road congestion and emissions from tanker traffic.
HPCL also operates a large number of terminals, depots and LPG bottling plants across states. The infrastructure system also includes coastal tankage and cavern storage managed by other agencies, which together support supply security.
How are ONGC and HPCL related?
ONGC is the parent company of HPCL: it acquired the Government of India’s roughly 51 per cent stake in HPCL in January 2018, making HPCL a subsidiary of ONGC. The deal created an integrated state-owned energy company that explores for oil and gas, refines crude and markets fuels.
ONGC is also the promoter of Mangalore Refinery and Petrochemicals Limited (MRPL), so the ONGC group now holds two refining companies. This has led to discussions about future consolidation, though any merger would require board and shareholder approvals and regulatory clearances.
The acquisition was widely viewed as a way of providing ONGC with a downstream outlet for its crude production, while giving the government a large disinvestment receipt without handing control to a private party.
Why does HPCL matter to India’s economy?
HPCL matters because it supplies a large share of the transport fuel and cooking gas used in India, and because it is a major investor in refining capacity and energy infrastructure. Reliable access to petrol, diesel and LPG underpins transport, agriculture, industry and household life.
HPCL also plays a role in government energy programmes, including LPG expansion, ethanol blending, compressed biogas and the build-out of electric vehicle charging. It is exploring investments in renewable energy and green hydrogen as India targets a lower-carbon energy mix over the long term.
At the same time, HPCL is exposed to crude price swings, retail price controls, refining margin cycles and the long-term transition away from fossil fuels. These risks shape how the company plans its capital expenditure.
Bottom Line
HPCL is ONGC’s Maharatna refining and marketing subsidiary, with refineries at Mumbai and Visakhapatnam, a joint venture at Bathinda, a Rajasthan refinery under development, and a fuel and LPG network that reaches most of India.
Frequently Asked Questions
What does HPCL stand for?
HPCL stands for Hindustan Petroleum Corporation Limited. It is a public sector oil refining and marketing company headquartered in Mumbai.
Who owns HPCL?
ONGC owns the majority stake in HPCL, which it bought from the Government of India in January 2018. The rest of the shares are held by public and institutional shareholders.
How many refineries does HPCL have?
HPCL has two wholly owned refineries, at Mumbai and Visakhapatnam. It also holds a stake in the Bathinda refinery in Punjab through a joint venture and is developing the Rajasthan refinery at Barmer.
What is HRRL?
HRRL is the HPCL Rajasthan Refinery Limited, a joint venture between HPCL and the Government of Rajasthan. It is building a refinery and petrochemical complex of about 9 MMTPA at Pachpadra in Barmer district.
Is HPCL a Maharatna company?
Yes, HPCL is classified as a Maharatna central public sector enterprise. This status gives it greater freedom to take investment decisions without case-by-case government approval.
What is HP Gas?
HP Gas is the brand under which HPCL sells liquefied petroleum gas (LPG) cylinders to households and commercial customers. The company supplies LPG through a large network of distributors across India.
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