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Reliance Industries-backed Jio-bp has raised petrol prices by Rs 5 a litre and diesel by Rs 3 a litre, becoming the second major private fuel retailer in 10 days to increase pump prices as elevated international crude and refined-product costs put pressure on retail margins.
The revised prices took effect from 6 am on Sunday, October 11, according to a person aware of the development and fuel retailers. In Haryana, Jio-bp outlets were selling petrol at around Rs 109.80 a litre and diesel at Rs 97.75 a litre after the revision.
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In Rajasthan too, Jio-bp raised petrol by Rs 5 and diesel by Rs 3 a litre from Sunday, with pump prices differing across cities because of local taxes.
Queries sent to Jio-bp seeking confirmation of the revision, reasons for the increase, and impact on marketing margins were remained unanswered until press time.
The move follows Nayara Energy’s October 3 increase of Rs 5 a litre on petrol and Rs 3 on diesel as higher crude and product prices squeezed marketing margins. Nayara operates more than 7,000 outlets nationally.
State-run Indian Oil, BPCL and HPCL, which dominate India’s fuel retail market, have meanwhile kept regular petrol and diesel prices unchanged, widening the price differential with private retailers.
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A fuel retailer said the higher pump price could make such quantity restrictions less relevant as customers may shift to outlets offering cheaper fuel.
India imports about 90% of its crude oil requirement, leaving domestic refiners and fuel retailers exposed to sustained increases in international oil prices.
TOPICSPetroleumThis article was first uploaded on October eleven, twenty twenty-six, at twenty-four minutes past nine in the night. © IE Online Media Services (P) Ltd