Reliance shuts down all its petrol pumps
Petroleum Minister Murli Deora informed the Rajya Sabha on Tuesday that the Reliance Industries closed all their 1,432 pumps in the country with effect from March 15 since sales at their retail outlets was negligible due to selling price differential between private and public sector Retail Outlets.
Reliance Industries took the decision after sales dropped to almost nil as it could not match the subsidised price offered by public sector competition.
The company owned less than three per cent of the 36,936 petrol pumps in the country. Of the total retail outlets, state run Indian Oil, Bharat Petroleum and Hindustan Petroleum own 34,304 pumps, while the remaining belong to private sector Essar Oil and Shell India.