Jio-BP Maintains Fuel Prices Amid Rising International Oil Costs
Jio-bp not to raise fuel rates despite spike in international oil prices
Business Standard
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Jio-BP, a fuel joint venture between Reliance Industries Ltd and BP Plc, will not raise fuel prices despite international oil prices surpassing $100 per barrel. CEO Akshay Wadhwa confirmed that the company is committed to keeping rates steady to help mitigate inflation concerns for consumers.
- 01Jio-BP will not increase fuel prices despite rising international oil costs.
- 02The company has seen a 30% increase in petrol sales and a 25% increase in diesel sales in March.
- 03Jio-BP holds a 4% market share in petrol and 6% in diesel sales in India.
- 04Nayara Energy and Shell India have raised fuel prices at their outlets.
- 05The company has adequate fuel supplies and is operating normally.
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Jio-BP, the fuel joint venture of Reliance Industries Ltd and BP Plc, has decided not to raise fuel prices immediately despite a surge in international oil prices, which have exceeded $100 per barrel. CEO Akshay Wadhwa stated that the company is committed to supporting consumers and the economy by keeping retail petrol and diesel rates stable. This decision aligns with public sector firms that have also refrained from passing on increased raw material costs to consumers to avoid exacerbating inflation. Jio-BP has reported a 30% increase in petrol sales and a 25% increase in diesel sales in March, attributed to the performance of its specialized fuel additives. The company operates 2,185 petrol pumps across India and has a market share of 4% in petrol and 6% in diesel sales. Despite competitors like Nayara Energy raising their prices, Jio-BP assures that it has sufficient fuel supplies and is operating without any restrictions on sales.
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By keeping fuel prices stable, Jio-BP is helping to alleviate inflationary pressures on consumers in India.
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