RIL pegs fuel prices higher than oil firms

Coinciding with the hike in petrol and diesel prices RIL too has raised prices of auto fuels by the same proportion.

Coinciding with the Rs 4 a litre hike in petrol and Rs 2 in diesel prices announced by the government on Monday, India's largest private fuel retailer Reliance Industries Ltd too has raised prices of auto fuels by the same proportion.

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Coming on top of an up to Rs 2.92 a litre increase effected by Reliance last month, the latest increase would make diesel and petrol from its retail outlets costlier by more than Rs 2 a litre compared to the rates of PSU retailers.

Informed sources said this has led to a decline in sales of auto fuel at RIL outlets, which in effect should help it curtail losses.