Fuel retailer Jio‑BP, the joint venture of Reliance Industries Ltd and BP Plc, has said it does not plan to raise fuel prices immediately, even as international oil prices spike above USD 100 per barrel. Chief executive Akshay Wadhwa told reporters on the sidelines of an industry event that the company will keep retail petrol and diesel rates steady, aligning with public sector fuel firms that have chosen not to pass on higher crude costs to consumers.
Jio‑BP is the country’s second‑largest private fuel retailer, with 2,185 petrol pumps out of a total of 1,02,075 nationwide. The company has about 4% market share in petrol sales and 6% in diesel, Wadhwa said, underscoring its growing footprint in the competitive fuels market.
Stabilising prices amid regional war
The surge in global oil prices is being driven largely by the war in West Asia, which has kept crude benchmarks elevated. At home, the government has cut excise duties on petrol and diesel to help insulate domestic consumers, while most oil marketing companies have refrained from hikes to avoid fuelling inflation. Public sector players such as IOCL, HPCL, and BPCLhave kept pump prices unchanged, and Jio‑BP is following the same path.
“We are in this with the country,” Wadhwa said, signalling that the company will not seek to exploit the global price spike for short‑term profit at the cost of household budgets. The firm has adequate fuel supplies and has not imposed any limits on the retail sale of petrol or diesel, he added: “Our pumps are operating normally and have adequate stocks.”
Rivals move, Jio‑BP holds
Not all private players have stayed put. Nayara Energy, the country’s largest private fuel retailer with 6,967 outlets, has raised petrol by ₹5 per litre and diesel by ₹3 per litre, citing the higher international crude levels. Shell India has also reportedly hiked prices at its 343 outlets. In contrast, Jio‑BP’s stance of “no price increase as of now” is designed to protect its image as a consumer‑friendly brand and to reward loyalty among its growing customer base.
Strong demand on mileage‑focused fuels
Wadhwa said the company has recorded healthy growth in sales, with petrol volumes up 30% in March and diesel sales up 25%, largely driven by the popularity of its specialised additive‑rich fuel variants that promise better mileage. The improved performance suggests that even in a price‑sensitive environment, consumers are willing to switch to fuel grades that deliver tangible savings at the pump.
By keeping prices steady, maintaining ample supply, and pushing its high‑mileage offerings, Jio‑BP is positioning itself as a stable, value‑oriented player in a volatile market—one that aligns its pricing strategy with both government policy and consumer expectations.
