Indian Oil Corp, the country’s largest fuel marketing company, plans to secure fuel supply contracts from teams participating in the Formula 1 championship. “We expect to manufacture the fuel for Formula 1 cars and obtain the required certifications within three months,” Indian Oil Chairman Shrikant Madhav Vaidya said.
Currently, oil majors such as Petronas, Shell, ExxonMobil and Castrol supply gasoline to top teams participating in the prestigious auto racing championship. Indian Oil will also now compete with major oil companies to get fuel supply contracts to individual teams in the race, Vaidya told reporters on the sidelines of an event in Delhi.
Last week, Indian Oil launched a high-octane fuel customised for superbike racing. Indian Oil is the official fuel partner for the Asia Road Racing Championship from 2024 to 2026. It will supply premium gasoline STORM-Ultimate Racing Fuel to all the rounds of the Asia Road Racing Championship.
Formula 1 cars are generally considered to be the fastest on race tracks. They use premium gasoline fuel with an octane rating between 87 and 102, optimised for peak performance. The International Automobile Federation regulates the fuel used in the championship. Indian Oil’s fuel for Formula 1 will have an octane rating of more than 95 and it will be made at the Paradip refinery, Vaidya said.
By entering Formula 1, Vaidya said Indian Oil is trying to show its strength in its diverse and niche product range. The 2024 FIA Formula One World Championship will have 24 races. It will start on March 2 in Bahrain and finish on December 8 in Abu Dhabi.
