Reliance, other private oil retailers set to reopen petrol pumps

26 November 2008

Reliance Industries Ltd (RIL) and other private sector oil retailers, who have shut their fuel retailing operations last year, have revived fuel retaining plans following a fall in global crude oil prices.

Unable to sell petrol and diesel at subsidised prices like state-run oil marketing companies, Reliance and other private sector oil marketing firms closed operations at the height of the oil price boom early this year.

Reliance, which had to close all of its retail outlets in the country a few months ago, is keen to resume sale of petroleum products at some of its closed petrol stations, petroleum secretary RS Pandey said.

The Mukesh Ambani-led Reliance Industries, the country's largest private sector oil company, shut down all of its 1,432 petrol pumps earlier this year because of mounting losses from non-sales and high costs of production.

''Reliance has informed us that they are keen on reopening their outlets," petroleum secretary R S Pandey said.

The other private sector refiner and retailer Essar Oil has already restarted operations at 500 petrol pumps, Pandey said.