12 October 2026
MRPL and Chennai Petroleum face potential pressure on refining margins as record crude tanker freight rates, higher crude premiums and concerns over diesel spreads raise operating cost risks for Indian refiners.
Shares of Mangalore Refinery and Petrochemicals Limited (MRPL) and Chennai Petroleum Corporation Limited (CPCL) are in focus amid a sharp increase in global crude oil transportation costs, with tanker freight rates reaching unprecedented levels as disruptions in international energy markets reshape crude trade flows.
According to data from maritime brokerage Poten & Partners, daily charter rates for Very Large Crude Carriers (VLCCs) operating on the Middle East–Asia route have surged to approximately $1.3 million per day, representing a 43-fold increase since January 2026.
The extraordinary rise in tanker rates has significantly increased the cost of transporting crude oil, creating an additional challenge for refiners already navigating elevated crude premiums and volatility in global petroleum product markets.
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