Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Ahead of Polls, Govt Allows OMCs to Open Over 55,000 New Fuel Pumps

The move will boost employment generation by thousands and an investment of thousands of crores of rupees.

PTI

Updated:November 25, 2018, 8:28 PM IST
facebookTwitter Pocket whatsapp
Ahead of Polls, Govt Allows OMCs to Open Over 55,000 New Fuel Pumps
Image representation of fuel pump. (Photo: Reuters)

Mumbai: Ahead of the general elections next year, the government for the first time in the last four years allowed the state-run oil marketing companies to go for a massive expansion of their retail operations by opening close to 56,000 new fuel pumps across the country.

The move will boost employment generation by thousands and an investment of thousands of crores of rupees.

For the first time, the OMCs have invited bids from private players online to ensure transparency and the bidding process would be conducted by an independent agency.

The expansion of the network is being undertaken by state run OMCs, including Indian Oil, Bharat Petroleum and the ONGC-run Hindustan Petroleum. This will cover around 80 per cent of the total locations.

"For a fast growing economy like ours, energy needs are growing manifold and state run OMCs are undertaking retail network expansion in tandem with the growth in demand of petrol and diesel," an IOCL official Parth Vora told reporters here.

Currently, around 55,000 fuel pumps are run by OMCs, of which nearly 50 per cent belongs to IOCL. Among the private players, Nyara Energy (formerly Essar Oil) runs more than 3,500 fuel pumps and Reliance has around 600 pumps, while other foreign players such as BP and Shell runs 100 pumps each.

According to statistics, retail sales of petrol and diesel are increasing at the rate of 8 per cent and 4 per cent per annum, respectively.

Vora further said applications for 55,649 outlets have been issued.

"This 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," he said.

The retail outlet network in rural, remote and far flung areas are also expanded with the intention of reaching the product, ensuring quality and correct price to meet the rural agricultural demand and people living in remote areas, Vora added.

These new outlets will be opened through the next three years.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Anu Parthiban
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 45.35 5.96
TCS 2,020.90 -1.03
Indiabulls Hsg 291.25 8.53
Ujjivan Small 55.95 51.22
SBI 321.85 2.89
Company Price Change %Gain
Infosys 701.85 -2.63
Yes Bank 45.35 5.96
Reliance 1,567.50 0.31
Ujjivan Small 55.90 51.08
Indiabulls Hsg 291.55 8.71
Top Gainers
Company Price Change %Gain
Tata Motors 173.35 7.14
Yes Bank 45.35 5.96
Vedanta 144.00 3.97
Tata Steel 418.70 3.24
SBI 321.85 2.89
Company Price Change %Gain
TML-D 70.45 7.23
Tata Motors 173.35 7.17
Yes Bank 45.35 5.96
Vedanta 143.95 3.86
Tata Steel 418.75 3.29
Top Losers
Company Price Change %Gain
Infosys 702.10 -2.63
ONGC 125.90 -1.64
HCL Tech 536.35 -1.37
TCS 2,020.90 -1.03
Bharti Infratel 252.20 -0.94
Company Price Change %Gain
Infosys 701.85 -2.63
ONGC 125.85 -1.68
HCL Tech 536.30 -1.39
TCS 2,016.75 -1.20
Bharti Airtel 438.30 -0.95

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results