India’s biggest private fuel retailer Nayara Energy, formerly known as Essar Oil, will join state-owned oil companies in subsidising petrol and diesel by Re 1 per litre, its chief executive B Anand said Friday.
The government had Thursday cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned oil marketing companies to absorb another Re 1 so that retail prices come down by Rs 2.50 per litre.
“We welcome the government move. It is a positive development and was needed to provide relief to consumers,” Anand told reporters here.
Nayara, which owns 4,756 petrol pumps out of the 63,275 retail outlets in the country, will “align with OMCs” on absorbing Re 1, he said. Read More