Mumbai: India's largest private sector firm, Reliance Industries Ltd (RIL) has reduced retail petrol and diesel prices by Re one per litre in line with decline in international crude prices.
The reduction in prices would be effective from 0600 hrs, IST on October 1, 2006, a company release said in Mumbai.
"International crude prices have softened to some extent recently, therefore, RIL has decided to pass on the benefit to customers although it continues to suffer its under recoveries," the release said.
“RILs fuels will now retail at Rs 1.5 per litre higher than nearest PSU outlet as compared to Rs 2.5 per litre differential earlier,” it said.
Due to increase in crude prices, RIL had increased retail fuel prices and demanded compensation from the Government.
The company runs close to 1,300 retail pumps. Its market share, which stood at 14 per cent earlier this year, has dropped to two per cent after the price differential with PSUs.
"With the reduction in prices, RIL is hopeful of regaining many of its customers and its lost market share," RIL said.
International crude prices were reduced by nearly $10 barrel in the last one month.
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