Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
Related Articles
State-owned Indian Oil Corporation Limited (IOCL), India’s largest fuel retailer is planning to almost double its retail outlets to more than 52,000 in the next three years, from 27,000 now to maintain its market leadership in fuel retail. These include both company-owned and franchisee-run outlets. Together, state-owned oil marketing companies (OMCs) — IOCL, Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) have plans to to add 50,000 new retail outlets in the next three years. Among them, the trio currently has about 57,000 retail pumps. “We will add 50% of the 50,000 new retail outlets to be set up by the OMCs. The advertisement for new pumps is likely to be issued next month,” Gurmeet Singh, director marketing, IOCL told The Hindu. IOCL is the market leader with 46% share in the petroleum fuel retail market. For the first time, OMCs have decided to come out with a separate, area-wise list of locations, inviting dealers to set up outlets. “This will [help] avoid competition among OMCs and will help the dealers.” IOCL plans to double its refining capacity to 140 million metric tonnes (MMT) by 2030 to meet the country’s growing energy demand. On crude oil imports from Iran, IOC chairman Sanjiv Singh said, “We are continuing to import from Iran. Iran is India’s third largest crude oil supplier. The sanctions will kick in from November 4 and we have alternative arrangements in place. There will be no shortage of crude oil for the country.”
Source : https://www.thehindu.com/todays-paper/tp-business/ioc-to-double-retail-outlets/article24814528.ece
