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After years of global success, Mukesh Ambani's RIL faces oil shock at home

Rising crude prices and a tumbling rupee combined to push domestic fuel prices to records, undermining Reliance's retail strategy despite some relief from a dip in crude prices in recent weeks

Mukesh Ambani, CMD RIL. File photo
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Mukesh Ambani, CMD, RIL

Koustav Samanta and Promit Mukherjee | Reuters Singapore/New Delhi
Reliance Industries, currently India's second most valuable listed company, got rich by trading fuel across Asia, Africa and Europe while effectively ignoring its home market.

Reliance's refineries processed crude from the nearby Middle East and sold fuel to fast-growing markets in North Asia including China, Japan, South Korea and Taiwan.

That began to change when India's oil demand surged, overtaking Japan as the world's third-biggest consumer. Reliance took more interest in the country's retail fuel sector and has opened more than 1,300 service stations.

This push into the domestic fuel market may stumble after India's government imposed cost controls on

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First Published: Oct 29 2018 | 2:07 PM IST

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