The government has allowed the state-run oil marketing companies to go for a massive expansion of their retail operations by opening nearly 56,000 new fuel pumps across the country. The move is expected to boost employment generation and an investment of thousands of crores of rupees.
An official of the Indian Oil Corporation Limited Parth Vora told reporters in Mumbai that the expansion has been undertaken to meet the growing fuel needs and convenience of customers in emerging markets like the upcoming highways, agricultural pockets, and industrial hubs.
As per a study, the retail sales of fuels is increasing around 4 to 8% per year.
And for the first time, the oil companies had invited bids from private companies and individuals. The process will be online to ensure transparency and all the process will be monitored by an agency.
A total 55,000 retail outlets are now in the country. In this almost 50% is run by IOCL. The private companies like Reliance and others run around 4100 pumps and some foreign agencies run 100.
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