Financial Daily from THE HINDU group of publications
Thursday, Jul 07, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 07, 2005 |
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Industry & Economy
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Petroleum Price issue holds up higher kerosene supplies by RIL Our Bureau
New Delhi , July 6 RELIANCE Industries Ltd (RIL) is not likely to accept the request of the State-owned oil marketing companies to provide higher quantities of kerosene than last year's supplies at a price that could ease their subsidy burden. Industry sources said that for 2005-06, the State-owned companies have asked Reliance to provide kerosene at levels higher than last year. However, RIL has turned down the request till it is assured of adequate payment. During 2004-05, Reliance had supplied a total of 1.1 million tonnes of kerosene to the State-owned oil marketing companies though only 400,000 tonnes had been initially contracted. The extra supplies were necessitated due to production disruption at the Koyali refinery of IOC and the Mangalore refinery. The issue of payment has arisen with the Government having artificially frozen import parity price at levels on March 31, which is not acceptable to Reliance, industry sources told Business Line. Reliance has supplied 1,20,000 tonnes of kerosene during the April-June quarter of this year as in the corresponding period last year. "Tough negotiations are on to resolve the issue of price and quantity. The matter is being dealt with by the Petroleum Planning Analysis Cell (PPAC), an industry arbitration body," the sources said.
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