Private sector refiners Reliance and Nayara Energy significantly increased their diesel and petrol retail sales in April-December 2024, gaining market share from state-run refiners. RIL-BP and Nayara used aggressive promotions and price discounts to attract customers as state-run refiners maintained stable prices.
Private sector refiners Reliance Industries and Nayara Energy are aggressively growing their diesel retail sales while state-run refiners face stagnation.
Budget with ET India looks to bring more women into workforce A game changing budget to revive India’s backbone - agriculture How would you plan India's Budget? Give it a try Private fuel retailers ' diesel sales grew 22.2% year-on-year in April-December 2024, expanding their market share to 9.9% from 8.2%, according to industry data.
In the same period, state-run refiners' diesel sales declined 0.1%, reducing their share to 90.1% from 91.7%. Reliance Industries and BP's joint venture has led the private sector's expansion.
Its diesel sales grew 37% in April-December compared to Nayara Energy's 12.4%. RIL-BP's share expanded to 4.53% from 3.36% in the previous year while Nayara's increased to 5.24% from 4.83%. Both players have been relying on aggressive promotion and client outreach to get more customers to buy higher volumes from their pumps, an industry executive said.
Nayara offers up to ₹5 per litre discount on a minimum fuel purchase of ₹1000.
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This has meant higher retailer margins for companies when international fuel prices are low. This provides opportunities for private retailers to offer price discounts to lure customers, according to industry executives.
A squeeze in the refining margins due to an oversupply in the international market also prompted private refiners to focus on the domestic market.
Strong sales at domestic pumps help refiners make up for lower refining margins.
RIL-BP operates about 1850 retail outlets while Nayara runs 6600 pumps across the country.
Shell is a minor private sector fuel retailer with about 350 fuel stations and less than 0.5% share in petrol and diesel sales.
State fuel retailers together operate about 84,000 pumps.
The private sector's petrol sales have also outpaced state refiners.
Private retailers' petrol sales grew 20% year-on-year in April-December compared to state players' 7%. This helped expand the private players' share to 9.09% from 8.16%. RIL-BP's petrol sales grew by 45%, giving it a share of 2.93%, up from 2.19%. Nayara's petrol sales rose 12.43%, increasing its share to 5.67% from 5.45%.