It was formed as a joint venture in 1965 between the Government of India (GOI), Amoco and National Iranian Oil Company (NIOC), having a shareholding in the ratio 74%: 13%: 13% respectively.

Later GOI disinvested 16.92% of the paid up capital in favor of Unit Trust of India, mutual funds, insurance companies and banks on 19 May 1992, thereby reducing its holding to 67.7%.

The public issue of CPCL shares at a premium of ₹ 70 (₹ 90 to FIIs) in 1994 was oversubscribed to an extent of 27 times and added a large shareholder base of over 90000.

As a part of the restructuring steps taken up by the Government of India, Indian Oil Corporation Limited (IOCL) acquired equity from GOI in 2000–01.

The production line has been affected multiple times due to nature's adversities in form of drought and excessive rains.

[9] It has been reported by affected people & environmentalists & that CPCL is releasing Hydrogen Sulphide gas, potent neurotoxins that can damage children’s brain.

[11] After the Dec 4th 2023 Chennai floods, CPCL Manali LPG had oil leaks but cleanup didn't start until 7th Dec. As golden period was missed, spill extended to 20 sq.