Reliance to reduce petrol prices at midnight on Saturday

29 Sep 2006

1

New Delhi: Reliance Industries will cut the prices of petrol and diesel by between Rs1 to Rs1.50 per litre on account of the decline in global crude oil prices from midnight on Saturday, a company source indicated on Friday.

The company sells its petrol and diesel at about Rs2.50 a litre higher than PSU refiners, which are partly subsidised by the government.

Crude oil spot prices soared to a record $78.40 a barrel in July, but were trading below $63 a barrel on Friday. Reliance sells its petrol and diesel at 1,300 petrol pumps across India.

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