Reliance Industries says no fuel cap at Jio-bp pumps, stations fully stocked

Reliance Industries said on Thursday that all its Jio-bp outlets are fully operational and there is no cap on the amount of fuel dispensed to customers. Clarification from the oil-to-telecom conglomerate came amid reports suggesting that its retail outlets had capped fuel purchases per customer per visit amid growing shortages in the country.

"All Jio-bp Mobility Stations are fully operational to serve customers and are stocked. We continue to offer our high-performance Active Technology Petrol and Diesel, which provide higher mileage at no extra cost, ensuring greater value for our customers," said a Reliance Industries spokesperson.

"There is no mandate that limits the amount of fuel dispensed to customers. However, an isolated localised situation may have led to this experience. Our commitment has been, and continues to be, to provide refueling services to every customer who visits Jio-bp," added the spokesperson.

Reliance Industries shares rose by as much as Rs 21.6, or 1.6 per cent, to Rs 1,351 apiece in Friday's trade.

The central government has repeatedly urged people not to panic-purchase auto fuels and to only rely on official sources for updates on the Middle East crisis. India has successfully dealt with the West Asia situation with ramped up domestic energy production and import diversification.

Various departments have shared regular updates on the West Asia crisis with the public, with officials urging citizens to conserve energy during the current situation. Central and state authorities have taken strict action against hoarders, black-marketers and rumour mongers, prioritising petroleum supplies to consumers and essential services.

State-run oil marketing companies Indian Oil Corp Ltd (IOCL), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) have kept retail prices of petrol and diesel unchanged despite global market headwinds.

The Union government reduced excise duty by Rs 10 per litre on petrol and diesel, and imposed export levies on diesel and aviation turbine fuel (ATF) -- or jet fuel -- to ensure domestic availability.

US-Iran ceasefire brings relief to oil market

The US and Iran agreed to a ceasefire on April 8 with the war in its sixth week since joint US-Israel strikes against Tehran killed Iran's supreme leader on February 28 and triggered Tehran's retaliatory action against several countries in the region.

The conflict effectively left the Strait of Hormuz blocked, disrupting global oil supplies and causing ripples across the markets.

Iran has now agreed to reopen the Strait of Hormuz -- a crucial maritime passage that normally enables the supply of 20 per cent of the world's oil and energy shipments. The reopening of the strait has been central in US President Donald Trump's policy in the matter.

Both sides have claimed total victory in the conflict amid growing concerns about further escalations.

A proposed 10-point agreement between the US and Iran includes halting attacks on Iran and its proxies.

In afternoon trade in India, oil benchmarks Brent and WTI hovered around $98 and $100 a barrel, respectively.

At the current level, Brent is about 18 per cent off its nearly four-year peak recorded in mid-March amid rising escalations in the Middle East.