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印度石油公司（IndianOilCorporation）的前身是印度政府于1958年成立的印度炼油有限公司。1959年，印度政府成立印度石油公司，主要目标是为印度国营企业提供石油产品并销售国营炼油企业的产品。1961年以后，标准－真空石油公司和壳牌石油公司为将印度石油有限公司挤出市场而挑起了价格战，但印度石油公司在政府的支持下打败了外国石油公司并脱颖而出，成为印度主要的石油有限公司合并成立印度石油公司。随着印度的迅速工业化，石油进口越来越多，国家外汇也有相当一部分被石油进口所吸收。在这种情况下，政府宣布禁止私营公司进口石油以及石油产品，从而非正式地给予印度石油公司以石油进口垄断权。到60年代中期，印度政府修改了政策，又开始允许外国石油公司扩大生产能力，印度石油公司也与各大石油公司达成换货协议，以便促进精炼石油产品的销售。

进入70年代以后，在前苏联政府和其它外国公司的帮助下，印度石油与天然气委员会在印度沿海发现了几处重要油气田，从而使其国内石油供应有所增加。1973年石油危机爆发以后，印度石油公司在印度经济生活中的作用迅速上升。公司这时也开始从沙特阿拉伯、伊拉克、科威特等国进口石油。与此同时，印度决定将该国其余油厂国有化，于1976年接管了位于Bombay的缅甸壳牌炼油公司和位于Vizagapatnam的卡尔蒂克斯炼油厂（将其并入印度斯坦石油公司。该公司原为印度政府与埃索石油公司合资企业。）1981年，印度石油公司又从阿萨姆石油公司接管了部分炼油与销售业务。80年代末期，印度的石油消费继续以每年8%的速度递增。

90年代的石油市场，更加变幻莫测，其油价与世界的政治形式紧密相连。但公司始终“咬定青山不放松”，为印度的石油工业作出巨大贡献。同时，公司大力开展多元化经营，大力向国际贸易发展。

The predecessor of Indian Oil Corporation is the Indian oil refining Co., Ltd. established by the government of India in 1958. In 1959, the Indian government established the Indian oil company, with the main goal of providing oil products for the state-owned enterprises of India and selling the products of the state-owned refining enterprises. After 1961, standard vacuum oil company and shell oil company started a price war to squeeze Indian Oil Company Limited out of the market, but Indian oil company defeated foreign oil companies with the support of the government and stood out as the main oil company limited in India to merge and establish Indian oil company. With the rapid industrialization of India, more and more oil is imported, and a considerable part of the country's foreign exchange is absorbed by oil imports. In this case, the government announced a ban on the import of oil and oil products by private companies, thus informally giving Indian oil companies monopoly rights on oil import. By the mid-1960s, the Indian government had revised its policy and began to allow foreign oil companies to expand their production capacity. Indian oil companies had also reached exchange agreements with major oil companies in order to promote the sale of refined oil products. Since the 1970s, with the help of the Soviet government and other foreign companies, the Indian oil and Gas Commission has discovered several important oil and gas fields along the Indian Coast, thus increasing its domestic oil supply. After the oil crisis broke out in 1973, the role of Indian oil companies in Indian economic life rose rapidly. At this time, the company began to import oil from Saudi Arabia, Iraq, Kuwait and other countries. At the same time, India decided to nationalize the rest of the country's oil plants, taking over the Burmese shell refinery in Bombay and the kartix refinery in vizagapatnam in 1976 (merging them with the Hindustan oil company). The company was originally a joint venture between the Indian government and Esso oil company.) In 1981, Indian oil company took over some refining and sales business from Assam oil company. In the late 1980s, India's oil consumption continued to increase at an annual rate of 8%. In the 1990s, the oil market was more unpredictable, and its oil price was closely connected with the political form of the world. However, the company has always "insisted on the green mountains and never relaxed", making great contributions to the oil industry in India. At the same time, the company vigorously carries out diversified operation and vigorously develops to international trade.

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