Indian private refiner Essar Oil has partly restarted its fuel stations in the country following sharp fall in crude oil prices.

The company, which started the reviving process in August this year, has so far reactivated between 300 and 350 outlets, situated mainly in southern and western India. By December, the company hopes to restart up to 70 per cent of its closed retail outlets.

All the 1,250 retail outlets of the company, with 50 per cent located in western India, were frozen about three years ago, as state-run rivals were selling fuel much cheaper, helped by government subsidies.

But now, with the sharp decline in prices of crude oil, the company has decided to revive a bulk of its outlets, as it can now offer products at a slightly higher price than the oil PSUs.

Crude oil prices dropped to a 16-month-low of $ 68.57 a barrel on Thursday, down by more than 50 per cent from the peak above $147 barely three months ago on rising U.S. inventories and concerns that a possible recession would slow demand further.