FREE PETROL..Reliance plans JIO offers in petroleum sector

New Delhi: Get ready for Jio-like offers and free petrol, diesel. That's because Reliance is likely to do a Jio in the fuel market. Just a day before the Indian market shifts to the system of daily revision of fuel prices, Reliance and BP, Europe's third-biggest oil firm, have decided to pump in Rs 40,000 crore jointly to develop new oil fields. The two have been invited by the Modi government to enter the fuel retailing market.  

India's oil minister invited BP and Reliance Industries Ltd (RIL) on Thursday to invest in fuel retailing after they jointly pumped billions of dollars into a gasfield off the country's east coast.

BP Chief Executive Bob Dudley and Reliance Chairman Mukesh Ambani met India's oil minister Dharmendra Pradhan in New Delhi on Thursday. "BP & RIL have invested in KG Basin," Pradhan said in a tweet after the meeting. "Invited them to invest in retail as well." He did not elaborate.

Reliance holds a 60 percent stake in a gas block in the Krishna-Godavari (KG) basin, BP owns 30 percent while Calgary-based Niko Resources Ltd holds the rest.

At a joint press conference, the two companies announced their plan  jointly develop differentiated fuels, low-carbon energy business in the country

News24Bureau with PTI inputs