India’s private fuel retailers -Reliance-bp and Russia’s Rosneft-backed Nayara Energy — have begun pricing petrol and diesel at market rates for the first time in over a year after a fall in global oil prices cut losses, sources said.
Reliance BP Mobility Ltd (RBML), a joint venture between Reliance Industries Limited and UK’s bp, Nayara Energy and Shell sold petrol and diesel at huge losses as they tried to match the below-cost frozen rates of dominant public sector retailers. The losses were despite pricing fuel at slightly higher rates than state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (BPCL).
But a fall in international oil prices over the last six weeks has helped bring the PSU pump-matching retail rates at par with cost, three sources with direct knowledge of the matter said.
Reliance BP Mobility Ltd (RBML), a joint venture between Reliance Industries Limited and UK’s bp, Nayara Energy and Shell sold petrol and diesel at huge losses as they tried to match the below-cost frozen rates of dominant public sector retailers. The losses were despite pricing fuel at slightly higher rates than state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (BPCL).
But a fall in international oil prices over the last six weeks has helped bring the PSU pump-matching retail rates at par with cost, three sources with direct knowledge of the matter said.