Adani Total Gas, Reliance's Jio-bp partner to offer each other's fuels in select outlets
In a move to improve fuel quality offerings, Adani Total Gas and Jio-bp, the fuel retail brand of Reliance BP Mobility, announced on Wednesday that they will begin offering each other's fuels in select outlets in India's fast-growing $150 billion fuel retail market.
Under this partnership, select ATGL fuel outlets will offer Jiobp's liquid fuels (petrol and diesel), while select Jio-bp fuel outlets will integrate ATGL's CNG dispensing units, within ATGL's authorized Geographical Areas (GA), said Adani Total Gas through a stock exchange filing.
'Jio-bp has always been committed to delivering an exceptional customer experience, and this partnership allows us to leverage each other's strengths to further enhance the value we provide to India,' said Sarthak Behuria, Chairman, Jio-bp. 'It is our shared vision to provide complete range of high-quality fuels at our outlets. This partnership will enable us to leverage each other's infrastructure, thus enhancing customer experience and offerings,' said Suresh P Manglani, Executive Director and Chief Executive Officer, Adani Total Gas Ltd.
Private retails gain share
Private fuel retailers Reliance Industries and Rosneft-backed Nayara Energy are profiting from a market distortion created by state-run companies' refusal to cut pump prices, even as international fuel prices have fallen sharply.
Reliance Industries and Nayara Energy are using these margins to undercut state-run firms by up to Rs 3 per litre, steadily eroding their market share in the retail petrol and diesel business, reported ET quoting industry executives. In April-May, the private sector's share of diesel sales increased to 11.5% from 9.6% a year earlier. In petrol, the share increased to 10% from 9%. At the same time, in the bulk diesel business, state-run and private suppliers were locked in a fierce battle, offering fuel at steep discounts to retail prices-highlighting just how much room there is to cut prices in a truly competitive market, according to executives. State-run Indian Oil Corporation regained significant share from private players in the bulk diesel segment during April-May.The International Energy Agency expects India will become the largest source of global oil demand growth out to 2030, in contrast with China, where fuel demand may have already peaked.
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