Private Competition In Fuel Retailing Dying: RIL

Hitting out at the government's policy, the Reliance Industries Ltd has said it is losing Rs 3.37 a litre on petrol and Rs 5.77 per litre on diesel and without government support, like the one provided to public sector retailers.

RIL said the public sector companies were compensated for the losses through a combination of discounts from upstream companies like ONGC and issue of oil bonds and sought the same level of government support while the private sector was being denied a level playing field.

Earlier the Indian government has rejected the price formula quoted by Mukesh Ambani's Reliance Industries Limited (RIL) for selling gas to his estranged brother Anil Ambani's Reliance Natural Resources Limited (RNRL), stating the rate was not in tune with market trends.