Jio-BP, the fuel joint venture of Reliance Industries Limited and BP Plc, has decided to keep fuel prices steady, providing relief to consumers amidst a spike in international oil prices, according to its CEO Akshay Wadhwa. The country’s second-largest private fuel retailer has maintained steady petrol and diesel rates, following the lead of public sector firms, which are hesitant to pass on the increased crude oil costs to consumers due to inflation concerns.
Wadhwa stated that the company has seen a 30% increase in petrol sales and a 25% rise in diesel sales in March, attributed to the “better mileage” of Jio-BP’s specialized additives-laced fuel. The company has adequate fuel supplies and has not imposed any limits on retail sales.
This decision comes as international oil prices have surged above $100 per barrel due to tensions in West Asia. Public sector oil marketing companies have also kept prices unchanged, with the government cutting excise duty on petrol and diesel to mitigate the impact of rising crude oil costs.
