Petrol-Diesel Relief: Jio Makes Big Announcement, Consumers May Benefit
Petrol Diesel Price: Big relief to everyone. Jio-BP, the fuel joint venture formed by Reliance Industries Limited and BP Plc, currently has no plans to increase fuel prices despite the rise in international oil prices. As the second-largest private fuel…
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Petrol Diesel
Petrol Diesel Price: Big relief to everyone. Jio-BP, the fuel joint venture formed by Reliance Industries Limited and BP Plc, currently has no plans to increase fuel prices despite the rise in international oil prices. As the second-largest private fuel retailer in the country, it has maintained stable retail prices for petrol and diesel, much like public sector companies that have refrained from passing on the increased costs of raw materials (crude oil) to consumers due to concerns about rising inflation.
During an industry event, Akshay Wadhwa, the chief executive of the joint venture, stated, “We stand with the country on this issue. International oil prices have surged above $100 per barrel because of the ongoing conflict in West Asia. Nevertheless, oil companies and the government have shielded domestic consumers from this effect. The government has lowered excise duty on petrol and diesel, which has somewhat alleviated the necessity for price hikes.”
Nayara Energy, where Russian oil giant Rosneft holds the largest stake, has raised petrol prices by ₹5 per liter and diesel by Rs 3. Nayara is the largest private fuel retailer in the country, operating 6,967 outlets. Reports indicate that Shell India has also increased fuel prices at its 343 outlets. Wadhwa mentioned that Jio-BP is not considering any price increases at this moment. He also noted that the company’s petrol sales rose by 30 percent and diesel sales by 25 percent in March, primarily due to the “better mileage” offered by Jio-BP’s fuel with special additives.
How many petrol pumps does Reliance have?
The company operates 2,185 of the 102,075 petrol pumps across the country. He mentioned that Reliance holds a 4% market share in petrol sales and 6% in diesel sales. Additionally, he confirmed that the company has ample fuel stocks and has not placed any restrictions on the retail sale of petrol or diesel. “Our petrol pumps are functioning normally, and we have adequate stock,” he stated.
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