Reliance Industries plans to reopen petrol pumps

Mumbai, Mar 16: Reports suggest that Reliance Industries (RIL) is planning to sell or lease about 1,432 petrol pumps to state run Indian Oil Corporation (IOC). Though IOC is yet to take decision on the issue, the partnership will help RIL to over come the issue of not being able to use fuel from its two refineries at Jamnagar in Gujarat as these have been converted to only-for-export units.

RIL had shut all of its petrol pumps in the country a year ago after the sales went down almost to nil, as it could not match the low price offered by the public sector firms like IOC, BPCL and HPCL. These PSUs (Public Sector Undertakings) get bonds from the government and the crude oil producer ONGC for selling petrol, diesel, domestic LPG and kerosene below cost.

OneIndia News