ST: Private oil companies suggest freeing of fuel prices
PTI reported that private oil firms Reliance Industries and Essar along with Royal Dutch Shell pitched for freeing of petrol and diesel prices to give consumers a choice.
Sources said that the three companies in separate presentations to the Kirit Parikh Committee on fuel pricing suggested immediate freeing of petrol and diesel prices from government control.
RIL in the presentation said that "The pricing freedom is likely to usher in efficiency of operation due to competition benefiting the consumers.”
Essar said that the timing was appropriate for freeing of fuel prices as crude oil prices have stabilized between USD 70 to USD 80 a barrel and rupee was appreciating vis a vie dollar.
RIL said the present system of government subsidizing the fuel sold by public sector firms was driving the private sector out of business.
