Reliance to shut petrol retail outlets

[Sukumar]

MUMBAI - Reliance Industries will shut its company-owned petrol retail
outlets after surging crude prices and its exclusion from government
subsidies made them unviable.

The company operates 1,400 outlets and owns most of them. Petrol
stations run by dealers would continue to function.

"We are kept out of the ambit of the government-sponsored survival
package. We have decided to close all our company-owned retail
outlets.

The government issues oil bonds only to state-run oil marketing firms
such as Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum
Corp as compensation for selling fuel at state-set prices that are
below market rates.

Reliance, a private sector firm, is not entitled to receive the bonds.


N.Sukumar
Research Analyst
www.kences1.blogspot.com