New Delhi
In an investor presentation post announcing earnings for October-December 2019, Reliance, operator of the world’s largest oil refining complex, said it registered an 11 per cent growth in diesel sales and 15 per cent growth rate in petrol sales from its 1,394 fuel retail outlets. This is compared to industry growth rate of 0.2 per cent for diesel and 7.1 per cent for petrol.
Its per outlet throughput at 342 kilolitres per month was also nearly double that of petrol pumps operated by public sector firms such as Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL).
“Superior product mix and high asset utilisation underpinned strong earnings,” it said in the presentation adding India’s oil demand grew 3.2 per cent in October-December with petrol demand rising 7.1 per cent and LPG surging by 15 per cent. “Preference for petrol cars, improving road infrastructure and rural connectivity is driving petrol demand,” it said. A pick up in tourist movement post festive season provided support to ATF demand.
Reliance said there was a strong traction in retail and bulk fuel sales through its network. “Growth driven by focus on large fleet customers (25 per cent year-on-year growth), fleet aggregators (114 per cent),” it said.
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