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Good bye petrol, says Reliance!



ET reports that Reliance has decided to shut down all the petroleum retail outlets owned by it directly as surging crude prices and the absence of government subsidies have made operations unviable.

At present, RIL sells petrol and diesel at between Rs 6 and Rs 14 more than PSUs.

We remain committed to the petroleum sector and will not sell our retail operations. The lack of a level-playing field between the public and private sector remains an area of concern, and we look forward to the its restoration as soon as it is possible so we can to resume our retail petro operations


This is big news according to me. Reliance Industries which is world famous for breaking monopolies in whichever industry they step into, is accepting defeat and withdrawing from a business, thanks to perks given to Oil PSUs by the Government. FYI, in Iran, a liter of petrol costs only Rs. 11.

PS: I will miss their food outlets named A1 Restaurants, which were integrated along with their petrol pumps in highways.
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Comments

  1. Anonymous27 March, 2008 20:35

    Good by? Good Buy? [obviously not;)] Good BYE (Isn't it)

    ReplyDelete
  2. Peak Day Blues31 March, 2008 12:39

    Thanks for pointing it out Anon

    ReplyDelete

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