Last week, ExxonMobil (XOM), the world’s largest integrated oil company announced that it is getting out of the U.S. retail gasoline business. Company announced it would be selling all of its 2,225 U.S. filling stations and convenience stores.

The world’s largest publicly traded oil company will keep the Exxon and Mobil brands, so consumers can still buy gasoline at stations that carry the Exxon and Mobil names.

“We are in a very, very challenging market. Margins are reduced, We feel the best way for us to grow and compete is through our distributor network.” Exxon Mobil spokeswoman Prem Nair told Reuters.

Royal Dutch Shell and BP PLC have announced similar moves to sell their lower-return retail businesses.

Indian government on Wednesday announced a hike in fuel prices to combat spurt in global oil prices.
According to the announcement

• Petrol prices were increased by 5 rupees
• Diesel prices were increased by 3 rupees and
• LPG prices were increased by 50 rupees

– the highest ever price raise

According to the survey conducted by The Nielsen Company, India ranked 3 rd after Greece and Hong Kong in the list of most fashion brand conscious countries in the world.

The survey found that, over 35% of Indian respondents agreed they spend money on luxury brands, most bought luxury brand was Calvin Klein with over 34% surveyed having purchased it at some point, Gucci ranked as the most coveted brand for Indians, other brands that Indian consumers spend most on are Diesel, Christian Dior and DKNY.

[Via]