Reliance to restart all fuel pump outlets by March 2016
Mukesh Ambani controlled Reliance Industries Ltd (RIL) plans to restart all its fuel pumps in FY16, the company said in an investor presentation put up on its website.
“Over 320 retail outlets already operational. Target restart of entire network of 1,400 outlets in FY16,” RIL said in its presentation, following its quarterly results announced on Friday. “Fleet management program providing better fleet control, cash flow management and cashless transactions,” the company further said.
The petrol pumps had been shut down in 2008 following a surge in the international oil prices and subsidies extended to government owned oil marketers, which made private players uncompetitive. The company had shut these pumps down in March 2008.
In June 2010, the government decontrolled petrol prices, following which RIL’s main private sector competitor Essar Oil Ltd began retailing petrol. In October 2014, diesel prices too were freed.
“Target aggressive volumes in the bulk high-speed diesel market post de-regulation,” it said.