Jio-bp not planning to hike petrol, diesel prices

New Delhi: Jio-BP, the fuel joint venture of Reliance Industries Ltd and BP Plc, does not plan ​to raise fuel ‌prices immediately despite a spike in international oil prices, its chief executive Akshay ​Wadhwa said ​on Friday.

The country’s second-largest private fuel retailer has kept retail petrol and diesel rates steady, just like public sector firms, which have not passed on the surge in raw material (crude oil) cost to consumers for fear of spiking inflation.

“We are in this with the country,” Wadhwa said on the sidelines of an industry event here.

The war in West Asia has driven global oil prices above $100 per barrel, but domestic consumers have been insulated by the oil companies and the government, which cut excise duty on petrol and diesel to obviate the need for raising prices to some extent.

Nayara Energy, in which Russian oil giant Rosneft hold the largest shareholding, has increased petrol price by Rs 5 a litre and diesel by Rs 3. Nayara is the country’s largest private fuel retailer with 6,967 outlets. Shell India has also reportedly raised fuel prices at its 343

outlets.