India, Feb. 27 -- The Maharashtra State Road Transport Corporation (MSRTC), already reeling under mounting losses, has initiated a competitive bidding process to procure diesel in a bid to rein in its soaring fuel bill, especially as it prepares to induct 8,000 new diesel buses over the next year.

MSRTC currently operates a fleet of over 15,000 buses and consumes an average of 1.087 million litres of diesel per day, making it one of the largest bulk fuel consumers in the state. At present, diesel is largely procured from public sector oil marketing companies such as Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited.

As a bulk buyer, MSRTC was earlier receiving a discount of Rs.2.70 per litre, which was recently rev...