Reliance cuts petrol, diesel prices

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Mumbai: Reliance Industries Ltd has cut its retail petrol and diesel prices for the second time in October and will sell fuel at the same price as its state-run rivals, a company spokesman said on Thursday.

"We have cut prices because of softer crude oil prices," the spokesman said.

Reliance, which operates India's biggest refinery at Jamnagar on the west coast, also reduced petrol and diesel prices on October 1, citing lower crude oil prices.

Before October, it was selling retail fuel about 5 per cent above state firms, which sell petrol at state-administered prices of about 47.50 rupees a litre in the capital New Delhi. As a result, Reliance saw its market share plummet to less than 2 per cent from 16 per cent in January.

Reliance's dealers have been demanding that the company sell fuel at the same price as state-run firms to curb falling sales.

"We need at least a week to know whether we will make money or not with this price cut," said Sarju Jaisinghani, a dealer with Reliance Industries in Maharashtra.

The Government compensates state-run firms for selling fuel at artificially low prices by issuing oil bonds but does not give such benefits to private retailers like Reliance.

Reliance cut its prices as crude oil, which soared to a peak of $78.40 a barrel in mid-July, was trading below $58 on Thursday, close to its lowest since December 2005.