IndianOil to reduce discount on diesel sales
New Delhi   12-Jun-2008
IndianOil, the nation's biggest refiner, is reducing discounts on diesel sales to industries and bulk clients to narrow losses from selling fuels below cost to retail buyers. "We've cut discounts for many of our bulk buyers and efforts are on for the remaining," Executive Director SK Gupta said. "Crude oil-import costs have reached the sky and we're fighting for survival." The refiner is renegotiating annual contracts for more than 7.5 million metric tonnes of diesel sales to bulk buyers.