(T.E.T)
On Tuesday, when Mitesh Jaini’s (name changed) fuel retail outlet in Rajkot, Gujarat, went dry on both petrol and diesel, images of year 2008 flashed before him – when Reliance Industries Ltd (RIL) decided to shut down all its fuel retail outlets. For Jaini, another shutdown would be a double whammy post the pandemic. “My retail outlet has been dry for three days. Dozens of fuel pump owners like me are sending SOS messages to our area managers but there is no communication on what we should do,” Jaini told ET, adding that a similar situation in 2008 led him to down shutters.
In 2008, when global oil prices surged to $150 a barrel, it led RIL to close nearly 1,400 pumps as it could not afford to sell fuel at a subsidised rate like its state-run peers who were compensated by way of government subsidies for selling fuel below cost. “Fuel prices were raised by 0.80 paise a litre over the last two days which is a respite but we have no supplies to sell. My tankers have been waiting to be loaded for the past six days,” said another dealer with RIL.
