NEW DELHI: India’s private fuel retailers — Reliance-bp and Russia’s Rosneft-backed Nayara Energy — have begun pricing petrol and diesel at market rates for the first time in over a year after a fall in global oil prices cut losses, sources said.
Reliance BP Mobility Ltd (RBML), a joint venture between Reliance Industries Limited and UK’s bp, Nayara Energy and Shell sold petrol and diesel at huge losses as they tried to match the below-cost frozen rates of dominant public sector retailers.
