In May 2018, IOCL became India's most profitable government corporation for the second consecutive year, with a record profit of ₹21,346 crores in 2017–18, followed by Oil and Natural Gas Corporation, whose profit stood at ₹19,945 crores. In February 2020, the company signed a deal with the Russian oil company Rosneft to buy 140,000 barrels per day of crude in year 2020. By 1 April 2020, IndianOil was in absolute readiness to launch BS-VI (Bharat Stage VI) fuels in all its retail outlets in Telangana and adopt world-class emission norms.
Indian Oil accounts for nearly half of India's petroleum products market share, 35% national refining capacity (together with its subsidiary Chennai Petroleum Corporation Ltd., or CPCL), and 71% downstream sector pipelines through capacity. The Indian Oil Group owns and operates 11 of India's 23  refineries with a combined refining capacity of 80.7 million tonnes per year. Indian Oil's cross-country pipeline network, for the transport of crude oil to refineries and finished products to high-demand centres, spans over 13,000 km. The company has a throughput capacity of 80.49 million tonnes per year for crude oil and petroleum products and 9.5 million cubic metres per day at standard conditions for gas. On 19 November 2017, IOCL, in collaboration with Ola, launched India's first electric charging station at one of its petrol-diesel stations in Nagpur. Indian governments' National Electric Mobility Mission Plan launched in 2013 aims at gradually ensuring a vehicle population of 6 to 8 million electric and hybrid vehicles in India by 2020.
Servo is the lubricants brand under which IOCL operates its lubricant business. Servo is the largest selling lubricant brand in both automotive and industrial segments.
A sculpture on the premises of IOCL Corporate Office, New Delhi, India
As of 31 March 2021, the company had 31,648 employees, out of which 2,775 were women (8.77%). Its workforce includes 17,762 executives and 13,886 non-executives. The attrition rate in Indian Oil is around 1.5%. The company spent ₹96.57 billion on employee benefits during the FY 2016–17.
This was similar to its shareholding in 2017. As of 31 December 2017, the PromotersGovernment of India held approx. 56.98% of the shares in Indian Oil Corporation. The public held the rest of the shares – 43.02%. This includes Mutual Fund Companies, Foreign Portfolio Investors, Financial Institutions/ Banks, Insurance Companies, Individual Shareholders and Trusts.
Indian Oil Corporation (IOC) buys a stake in Phinergy (Israel) for manufacturing, development, and sale of aluminum-air batteries (Al-Air batteries) for electric vehicles. This joint venture is ready to facilitate the development of Al-Air technology by intending to set up a factory in India.
India has begun the development of a strategic crude oil reserve sized at 37.4 million barrels (5,950,000 m3), enough for two weeks of consumption. Petroleum stocks have been transferred from the Indian Oil Corporation to the Oil Industry Development Board (OIDB). The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.
^"Share holding pattern 30 September 2018" (PDF). IOC Official website. IOC. Archived (PDF) from the original on 11 October 2018. Retrieved 11 October 2018.
^"Indian Oil Corporation | Shareholding Pattern" (PDF). www.iocl.com. 31 December 2017. Archived (PDF) from the original on 25 February 2018. Retrieved 25 February 2018.
^"Indian Oil Corporation | Shareholding Pattern". 31 March 2021.
^"IndianOil buys stake in Phinergy of Israel for manufacturing of aluminium-air batteries - ET EnergyWorld". ETEnergyworld.com.
^"Alexander's Gas & Oil Connections – India to build up storage of crude oil". Gasandoil.com. 21 September 2004. Archived from the original on 18 April 2009. Retrieved 26 August 2010.
^"Strategic oil reserves to come directly under Govt". The Hindu Business Line. 2 April 2006. Archived from the original on 12 February 2009. Retrieved 26 August 2010.
^"'India to form crude oil reserve of 5 mmt'- Oil & Gas-Energy-News By Industry-News-The Economic Times". Economictimes.indiatimes.com. 20 June 2007. Archived from the original on 7 February 2012. Retrieved 26 August 2010.
^"Sonia to lay foundation for Rajiv Gandhi Petroleum Institute in Rae Bareli - TopNews". www.topnews.in. Archived from the original on 9 May 2018. Retrieved 20 October 2016.