| RIL to cut fuel prices from Oct 1 |
| BS Reporters / Delhi/Mumbai September 28, 2006 |
| On the back of falling crude oil prices, private retailer Reliance Industries is set to cut retail prices of petrol and diesel and bring them "nearly at par" with the rates of petrol and diesel at outlets of pumps from October 1, 2006. In May and June this year, the company had hiked the prices of Petrol and Diesel in a bid to keep up with galloping global oil prices. RIL's diesel and petrol currently cost Rs 2.52 and Rs 2.92 more than what the public sector oil companies are selling. This was the reason for the sharp slide in its market to 1% from 15% before the price hike was effected at its 1,280 outlets, of which about 450 are company-owned while the rest are franchisees. Reliance does not get concessions available to government owned oil companies which enables them to buffer the consumer from price hikes. the company |
