IndianOil poised to enter elite tier of Formula 1 fuel producers

Indian Oil Corporation (IOC), the country’s largest oil company with a dominant market share of almost 40%, is about to create history by becoming the first company to join the elite group of Formula 1 (F1) fuel manufacturers. With this historic accomplishment, IOC will be able to claim the title of being the first Indian company and one of the few in the world to produce fuel used in the fast-paced world of Formula One racing.

Bold expansion into Formula 1 fuel production

Chairman Shrikant Madhav Vaidya revealed that IOC anticipates the certification of its Formula 1 fuel within three months. Following certification, IOC will compete with established global giants like Shell to supply fuel to F1 teams.

“We anticipate the certification of our Formula 1 fuel within the next three months. Once certified, we’ll be competing with global majors like Shell to supply fuel to F1 teams,” said Chairman Shrikant Madhav Vaidya.

Since the Federation Internationale de l’Automobile (FIA), the highest regulatory organization overseeing motorsports worldwide, has strict regulations, F1 fuel is by nature high-octane gasoline. Ensuring maximum performance and safety on the track, these requirements include a wide range of parameters, such as approved blending agents and additives.

IOC’s entry into F1 fuel production is another milestone, following its role in producing specialized ‘reference’ petrol and diesel for car testing last year.

IOC’s Paradip refinery in Odisha and Panipat unit in Haryana have played a crucial role in producing these reference-grade fuels, reducing India’s reliance on imported alternatives for automobile testing.

Diversification and Innovation in Fuel Offerings

IOC provides a variety of premium fuels to further strengthen its product line. These fuels include 95-octane gasoline (XP95), 100-octane gasoline (XP100) designed for high-end luxury automobiles, and XtraGreen diesel, which is well-known for its improved fuel economy and lower emissions.

The fuel for F1 will be little more. With octane levels ranging from 95 to 102, it would be classified as high octane premium road fuel.

Moreover, IOC is diversifying its offerings into the realm of racing fuels with the introduction of ‘Storm’ petrol, a high-octane fuel tailored for motorcycle racing. This strategic move has positioned IOC as the official fuel partner for the Federation Internationale De Motocyclisme (FIM) Asia Road Racing Championship (ARRC) for the years 2024 to 2026. 

IOC’s ‘Storm’ petrol will be supplied across all ARRC race rounds, catering to motorcyclists hailing from 15 countries participating in the championship.

Vaidya stated that the Koyali refinery in Gujarat is where the corporation produces the ‘Storm’ fuel.

Currently, E10 gasoline, which contains 10% renewable ethanol, is used in Formula One. The amount of fuel derived from non-fossil sources, like waste management, alcohol, and algae, will increase to 40% this year and 100% sustainable fuel by 2026.

Looking ahead, IOC is planning to use its knowledge in making fuel to join Formula 1 racing. They want to create Category-1 and Formula 1 fuels, which will help them become an important part of global motorsports.

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