Fuel relief for drivers in Tamil Nadu coming soon!
As part of their retail network expansion plan, India's three state-run oil-marketing companies would open 5,125 petrol bunks in Tamil Nadu over the next two years, said a senior official of Indian Oil Corporation (IOC) on Sunday.
As part of their retail network expansion plan, India's three state-run oil-marketing companies would open 5,125 petrol bunks in Tamil Nadu over the next two years, said a senior official of Indian Oil Corporation (IOC) on Sunday.
The three companies are IOC, Hindustan Petroleum Corporation Ltd., and Bharat Petroleum Corporation Ltd. "The three companies plan to add about 5,125 new dealerships, as demand for oil is growing. The demand for petrol is growing at 8 per cent per annum and diesel at 4 per cent," R. Sitharthan, Executive Director, IOC, and also the state-level Coordinator for oil industry, told reporters here.
As on April 1, 2018, the three companies had a retail network of 4,844 petrol bunks in Tamil Nadu. The planned retail expansion will take the number of outlets to 9,969. The three players will populate the market with their retail outlets, giving the private players like Essar a tough time.
Watch this Zee Business video here:
He said the fuel outlets will come up along new highways, agricultural pockets and industrial hubs. Sitharthan said the process of application for dealerships and allotment has been simplified.
"For the first time, a computerised draw of lots would be held, and opening of the bids would be held under the supervision of an independent agency for greater transparency." Sitharthan also said the three companies would expand their retail outlets in Puducherry by 132 units, taking the total to 262 bunks.
Indian Oil plans to add 2,615 new outlets, Hindustan Petroleum 1,515 outlets and Bharat Petroleum 1,127 outlets in Tamil Nadu and Puducherry.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Liquor stock under Rs 300: Can this smallcap scrip double your money in 1-2 years? Check targets by Anil Singhvi
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
10:26 PM IST