There has been no contact with the Panama-registered Marine Express since Thursday.
The incident occurred less than a month after another vessel was taken by pirates in the same area.
The International Maritime Bureau said the Benin navy was searching for the Marine Express, which is carrying 13,500 tonnes of gasoline.
In January, a ship was hijacked in the same area but was released six days later when a ransom was paid.
Indian Foreign Minister Sushma Swaraj said her government was working with authorities in the region.The ship is managed by Hong Kong-based Anglo-Eastern
