Click to play videoNew Delhi: Rising oil prices could have a further impact on inflation and have also hit Mukesh Ambani-promoted Reliance Industries Ltd (RIL) hard. The company, which has 1,400 petrol outlets across the country, is now planning to suspend operations in 900 petrol retail outlets.
The move is being planned to press for its demand for compensation from the government against mounting losses due to increasing global crude prices.
Denying earlier reports stating that the petrol pumps will be closed, the source added, ''it is only a temporary measure and will resume functioning after sometime.''
On an average, petrol from Reliance outlets cost between Rs four and Rs five a litre more than the PSU pumps.
While crude oil prices have been softening but the price at which India buys its crude oil has been rising.
On Monday, India's crude oil basket rose by 34 cents from Thursday to $97.11 a barrel according to information released by the Petroleum Ministry.
For the month of March, the Indian oil basket has averaged $99.92 a barrel, as against $92.37 in February and $89.52 in January.
On the New York Mercantile Exchange (NYMEX), crude oil futures for April fell by a dollar to $100.86 a barrel on the back of a firm dollar and concerns over US economic weakness that could hit oil demand.
(With inputs from UNI)
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)
More on IBNLive Right Now
TOP NEWS
MOST SHARED
PHOTOGALLERY
