Asia Bizz: Reliance to increase exports after facing losses in the country

World’s biggest Oil refiners, Reliance Industries, is all set to increase the exports of diesel and gasoline after facing losses while selling in India. The exports have increased from 195,000 metric tones just in the first week of November.

While in the whole month of September only 250,000 tons were exported, according to the data collected by Bloomberg. Mukesh Ambani of the Reliance industries had to face losses in the country as the government regulations had compelled to retail the fuel lesser than the actual cost.

The Singapore based head at the FACTS Global Energy, Praveen Kumar said, “Reliance will aggressively place their products outside as much as they can.” According to the sources the government refiners have been compensated of the losses, while the private ones, which include Reliance are not eligible for any compensation.

Sources also said that the exports from the company had reduced at the beginning of the year because of the shutdowns in the months of May, June, July, August, September and October.

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