Regulator to look into PSUS’ oil pricing

India’s Petroleum and Natural Gas Authority Regulatory Board (PNGRB), the oil sector regulator, has decided to look into the unfair pricing of petrol and diesel. PNGRB’s decision comes after private sector oil companies Reliance Industries Ltd. (RIL), Shell India and Essar Oil filed a case against three public sector oil marketing companies (OMCs) Bharat Petroleum Corp. Ltd, Hindustan Petroleum Corp. Ltd. and Indian Oil Corp. The three private sector oil companies said the OMCs indulged in restrictive marketing practices while fixing pump prices of diesel fuel and petrol. The private companies are demanding penalty levy on the OMCs for losses they suffered. (January 19, 2009)