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`RIL to offer Rs 750 cr discount on LPG, kerosene'

Our Bureau

New Delhi , Oct. 28

THE Chairman of Indian Oil, Mr S. Behuria, on Friday said that Reliance Industries Ltd will give a discount of Rs 750 crore on liquefied petroleum gas (LPG) and kerosene it sells to public sector retailing firms to partly compensate them for the losses they suffer on selling these fuels below the cost price.

"We have finalised the discounts stand-alone refiners (like Reliance) are to give to us. We have signed an agreement for discounts Reliance will give in 2005-06,'' Mr Behuria said.

Stand-alone refiners — Reliance, Mangalore Refinery and Petrochemicals Ltd, Chennai Refinery, Kochi Refinery, BPRL and NRL — will give a discount of Rs 1,875 per tonne of LPG and kerosene. On an annualised basis, it amounts to Rs 1,500 crore for all the stand-alone refiners, the IOC Chairman said.

For Reliance, the largest manufacturer of LPG, this would amount to Rs 750 crore in the current fiscal, he added.

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