Indian government asks private sector to enter the fuel market

With the softening of global crude oil prices, the Indian government asked the private companies to serve the consumers’ needs with reasonable fuel prices and said it expects the private players to compete with state-run oil firms on equal footing in the time to come. However, Reliance Industries Ltd. president P Raghavendran, reacting to this, said, ”We don’t know even if we enter the market whether the government cap the prices if prices go up.” (January 13, 2009)