Reliance Industries on Tuesday asked the government to free retail fuel prices from administrative control and said only fiscal measures should be used to moderate prices for consumers.
RIL's President for refinery P Ragavendran said, "Removal of government control on prices is as much more critical than a mere statement. The private sector can now reopen petrol pumps (after international fuel prices fell to four-year lows)."
If the prices go up again will the government cap the prices, prompting the private sector to again shut shops, he said, "Getting in and getting out frequently is not viable for consumers and from company's point of view."
Reliance had last year shut all its 1,450 petrol pumps in the country after it was unable to compete with public sector companies, who could sell fuel at rates lower than the production cost on getting compensated by the government.
Ragavendran said the government should intervene to regulate process through fiscal measures and not resort to capping the rates at any time.