Economy and Politics | RIL opens fuel retails in Kerala and Gujarat

Economy and Politics | RIL opens fuel retails in Kerala and Gujarat

New Delhi: Following the deregulation of petrol prices by the Indian government and a hike in diesel prices, Reliance Industries Ltd (RIL) has opened its fuel retailing operations in two states, the company announced on Tuesday.

RIL, India’s most valuable company, opened its retail outlets in Kerala and Gujarat.

“Earlier we were at a disadvantage as RIL was not covered under the government subsidy. Now, with the deregulation of petrol, there is a level playing field and Reliance will sell petrol at the same price as that of other oil companies," a RIL statement said.

RIL has reopened 36 fuel stations in Kerala and 162 in Gujarat.

The RIL statement added that if diesel prices were to be deregulated by the government, it would be sold at market rates as well, though RIL was already selling diesel at prices at par with other oil marketing companies.

On 25 June, the government had freed price of petrol linking it to market rates, and increased price of diesel by Rs2 per liter, kerosene by Rs3 and cooking gas by Rs35 per 14.2 kg cylinder.

Out of these, 59 pumps are company owned, company operated while the rest are dealer owned, dealer operated and company owned, dealer operated pumps, a company spokesperson said.

According to industry sources, Reliance Industries had shut down its 1,432 fuel outlets across the country in March 2008 following increasing losses on sale of auto fuels at competitive prices.

However, in the latter half of 2008 when crude oil prices started falling again RIL had restarted some of its operations.

Aveek Datta & Soumitra


EXIM Bank extends billion dollar credit line to Bangladesh

New Delhi: India’s Export-Import Bank (Exim Bank) has extended $1 billion Line of Credit (LOC) to Bangladesh — the largest advanced to any country, a statement by the bank said. The pact to this effect was agreed during the visit of the Bangladeshi Prime Minister Sheikh Hasina to New Delhi in January.

It was signed during Finance Minister Pranab Mukherjee’s visit to Dhaka over the weekend. The money will be used for financing at least 85% of total contract value through sourcing of goods and services from India. India’s exports to Bangladesh amounted to $2.4 billion in 2009-10 and comprised cotton yarn fabrics, fresh vegetables and semi-finished iron and steel.

India’s imports worth $254.5 million included textiles, raw jute, fabrics, metal scrap, cement, inorganic chemicals, fertiliser and leather.

Staff Writer


No alliance or united front with Congress, says Karat

Vijayawada: The CPI(M) on Tuesday categorically ruled out forging an alliance or a united front with the Congress in future.

“There is no debate on that. We will have no alliance or united front with the Congress," Communist Party of India (Marxist) general secretary Prakash Karat said at a press conference at the end of a four-day extended Central Committee meeting of the party here.

The Left leader said they supported the UPA government in 2004 only with the single point agenda of keeping the BJP out of power.

Referring to the withdrawal of support to the UPA government in 2008 on the issue of Indo-US nuclear deal, the CPI(M) general secretary observed that it was “correct and necessary."

The party also declared it would launch an all-India solidarity campaign from 12 September to “defend" the Left movement in West Bengal, where the party faces the crucial assembly elections next year.

CPM said it will highlight the situation in West Bengal and the “attacks" by “reactionary forces" on the Left Front government, expose the Trinamool-Maoist “nexus" and galvanise support from democratic forces to defend the Left.

Questioning Prime Minister Manmohan Singh’s silence on the issue, Karat demanded that Singh clarified where the government of India stood on the issue of TC’s collaboration with the Maoists in the light of Mamata’s rally at Naxal stronghold Lalgarh yesterday.

The four-day extended central committee meet of the CPM - to finalize the tactical and political line of the party and to prepare for the assembly elections next year - ended on Tuesday.

PTI and Staff Writer