Jio-bp Confirms No Immediate Petrol, Diesel Price Hikes

Jio-BP Refuses to Hike Fuel Prices Amid International Oil Price Surge

Jio-BP, the fuel joint venture of Reliance Industries Ltd and BP Plc, has announced that it will not raise fuel prices despite a significant spike in international oil prices. According to Akshay Wadhwa, chief executive of Jio-BP, the company will maintain its current retail petrol and diesel rates, mirroring the approach of public sector firms.

The decision comes as international oil prices have surged above $100 per barrel due to the ongoing war in West Asia. However, domestic consumers have been shielded from the impact by the oil companies and the government, which have reduced excise duty on petrol and diesel. This move has helped to mitigate the need for price increases.

Notably, Jio-BP's strategy differs from that of its competitors, including Nayara Energy, which has increased petrol prices by Rs 5 per litre and diesel by Rs 3. Nayara Energy, the country's largest private fuel retailer with 6,967 outlets, has seen a significant price hike. Shell India has also reportedly raised fuel prices at its 343 outlets.

In contrast, Jio-BP has seen a surge in petrol sales of 30 per cent in March, while diesel sales have increased by 25 per cent. According to Wadhwa, this growth can be attributed to the "better mileage" offered by Jio-BP's specialised additives laced fuel.

| Fuel Retailer | Petrol Price Increase (Rs/litre) | Diesel Price Increase (Rs/litre) | | --- | --- | --- | | Nayara Energy | 5 | 3 | | Shell India | N/A | N/A (reportedly raised prices) |

Jio-BP owns 2,185 out of 1,02,075 petrol pumps in the country, giving it a market share of 4 per cent in petrol and 6 per cent in diesel sales. The company has assured that it has adequate fuel supplies and has not imposed any limits on the retail sale of petrol or diesel. Wadhwa stated that Jio-BP's pumps are operating normally and have adequate stocks.