Fearing closure of petrol pumps, RIL-BP drafting a rescue plan: Report

Earlier in 2008, RIL had compensated dealers when it shut retail outlets due to high crude oil prices and lack of support from the government

Reliance Industries Ltd (RIL) and BP Plc, which operate more than 1,400 fuel retail outlets under the Jio-BP brand, are drawing up a compensation plan for dealers, according to a report in the Economic Times.

Reliance nearly halved fuel supply to its dealers on March 16 owing to losses of Rs 10-12 per litre daily on the sale of diesel. RIL has not resumed fuel supplies to the full extent, says the report.

According to the report, a dealer from Bihar said that RIL is considering some options to avoid the closure of retail outlets. The company may extend financial