Reliance plans to reopen 1,400 filling stations by March 2016

Reliance Industries Limited plans to reopen all its 1,400 fuel filling stations in India by March 2016. The Mumbai-based company has already reopened more than 320 outlets.

Reliance captured a sizeable market share in India from state-owned companies in 2006. But, with prices of fuel rapidly climbing towards $ 150 per barrel and subsidies being offered to state fuel retailers, Reliance had shut down all its fuel retail outlets in 2008 along with other private retailers.

Reliance was selling fuel at a significantly higher price than public sector oil companies. This resulted in loss of clientele and the company incurred heavy losses. Now, with oil prices dropping and diesel being deregulated by the government, Reliance has decided to restart all its outlets in the country.

Most of the petrol and diesel consumed in India is sold by three state-owned companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum.

Source: ET Auto

Related: Reliance Petrol Pumps shut down