As a result, the share of state-run players has dropped to 90.5% from 96.7% despite BPCL and HPCL gaining marginally. Indian Oil Corp has been the only loser in the game, with its share declining to 41.4% from 49.1%. Indian Oil's market share gain was equally dramatic last year, rising from 42.4% in June 2021 as it stepped in to fill the gap left by the private players.
