Jio-BP, the fuel joint venture between Reliance Industries Ltd and BP Plc, has no plans to increase fuel prices immediately despite the rise in international oil prices. The country’s second largest private fuel retailer company has kept the retail rates of petrol and diesel stable. Just like public sector companies have done, who have not passed the burden of increase in the cost of raw materials (crude oil) on the customers due to fear of rising inflation.
Joint Venture Chief Executive Akshay Wadhwa Wadhwa said during the industry event that we stand with the country in this matter. Due to the ongoing war in West Asia, international oil prices have reached above $ 100 per barrel. But oil companies and the government have protected domestic customers from this impact. The government has reduced the excise duty on petrol and diesel, so that the need to increase prices can be reduced to some extent.
Naira had increased
Nayara Energy, in which Russian oil giant Rosneft has the largest stake, has increased the price of petrol by Rs 5 per liter and diesel by Rs 3. Nayara is the country’s largest private fuel retailer company, which has 6,967 outlets. According to reports, Shell India has also increased fuel prices at its 343 outlets. Wadhwa said that Jio-BP is not planning any kind of increase in prices right now. He told that in the month of March, the company’s petrol sales have increased by 30 percent and diesel sales have increased by 25 percent. The main reason for this is the “better mileage” provided by Jio-BP fuel with special additives.
How many petrol pumps does Reliance have?
Out of the total 1,02,075 petrol pumps present in the country, 2,185 petrol pumps belong to this company. He told that the company’s market share in petrol sales is 4 percent and in diesel sales is 6 percent. He also said that the company has adequate stock of fuel and has not imposed any limit on the retail sale of petrol or diesel. Our petrol pumps are functioning normally and we have adequate stock.