Private refiners RIL & Nayara Energy grow local market share as export margins dip

Reliance, which operates pumps in a joint venture with UKs BP, retailed 73% more diesel last quarter, while Nayara recorded a 13.5% increase, according to industry data. The robust performance expanded RIL-BP's market share to 4.24% from 2.48% a year ago. Nayara's share grew to 5.35% from 4.79%. The combined share of state-run refiners- Indian Oil, Hindustan Petroleum and Bharat Petroleum-eroded to 90.3% from 92.7% in the quarter as their sales fell 1%. Private sector refiners Reliance Industries (RIL) and Russia's Rosneft-backed Nayara Energy are doubling down on the Indian fuel market as export margins have fallen sharply. The refiners' combined share in the diesel retail market has surged by a third in the June quarter from a year earlier.