In a bid to tap into the retail fuel market in India, British multinational oil and gas company BP is opening its first "Jio-bp" branded petrol pump in partnership with Reliance Industries near Mumbai. It's part of a plan to open at least 5,500 fuel stations nationwide by 2025.
"We have about 1,500 petrol pumps that traditionally were Reliance sites and now have become Jio-bp sites. We are about to open what will be Jio-bp's first site near Mumbai," said Bernard Looney, BP chief executive.
BP also plans to supply 15 percent of India's gas demand in the near future. The firm picked up a 30 percent stake in one of India's most significant gas fields, KG-D6, in 2019.
On Wednesday, Indian Prime Minister Narendra Modi spoke to global oil and gas firms seeking investment amid growing energy demand.
The PM said that the focus has shifted from "revenue" to "production" maximisation, and spoke about the need to expand crude oil storage facilities in the country.
Currently, gasoline and diesel prices are touching a record high (INR 110 per litre or $1.47) in the country due to the government slapping higher taxes on commodities. Daily fluctuations in prices along with India's pricing formula play into the hands of oil retailers.
One of the world's fastest-growing economies, India, uses four million barrels a day.
According to an estimate by the International Energy Agency, the country's oil consumption is expected to reach 10 million barrels per day by 2040.