The government opened up fuel retailing norms, allowing non-oil companies to set up petrol pumps to increase competition.
I&B Minister Prakash Javadekar said the opening up of fuel retailing will increase investment and competition. At present, to obtain a fuel retailing licence in India, a company needs to invest Rs.2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas terminals.
“The Cabinet Committee on Economic Affairs has approved review of guidelines for giving authorisation for marketing of transportation fuel,” he said. Companies with Rs.250 crore turnover can enter fuel retailing, subject to condition that 5% of the outlets will be in rural areas.
I&B Minister Prakash Javadekar said the opening up of fuel retailing will increase investment and competition. At present, to obtain a fuel retailing licence in India, a company needs to invest Rs.2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas terminals.
“The Cabinet Committee on Economic Affairs has approved review of guidelines for giving authorisation for marketing of transportation fuel,” he said. Companies with Rs.250 crore turnover can enter fuel retailing, subject to condition that 5% of the outlets will be in rural areas.
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