RIL mulls reopening of fuel outlets: reports

Reliance Industries Ltd. (RIL) may reopen retail outlets to sell petrol and diesel following the decline in global crude oil prices, according to a financial daily. RIL is also seeking to sell diesel from its export-oriented refinery at Jamnagar to public sector oil companies and private retailers to help meet a shortfall, the report stated. RIL had shut its fuel stations partly because of the Government's decision to restrict fuel subsidy to public sector refiners that sell petrol and diesel below cost. The move comes soon after Essar, the other private oil company, who had restricted sales to just 100 retail stations to cut losses, approached the Government to expand fuel stations. It has begun selling fuel at about 400 outlets and is planning to expand it to 1,000 stations by December. A separate newspaper report said that IOC has tied up with RIL to form an equal joint venture for setting up city gas distribution networks across the country.