A person with knowledge of the matter said that Jio BP, the fuel retail joint venture between India's Reliance Industries and BP, has raised retail prices for petrol and diesel at stations across the country.

The person, who asked not to be named, said petrol was raised by 5 Indian rupees per litre and diesel by 3 Indian rupees per litre, with the price change taking effect over the weekend.

Data from the Ministry of Petroleum shows that Jio BP, operated by Reliance BP Mobility, has more than 2,300 fuel stations in India and holds a market share of 2.2%. Note: India's state-owned refiners hold more than 90% of the market share.

Although the sharp rise in oil prices has eroded fuel sales margins, state-owned refiners have not raised fuel selling prices since May 26.