(ET)
State run-Indian Oil Corporation aims to almost double its fuel retail network to 52,000 outlets over the next 3 years from 27,000 now. IOC, India’s largest fuel retailer, accounts for 44% of the market despite the entry of private sector in the segment.
“IOC is also investing in the retail segment. With over 50,000 new fuel stations and LPG distributorship coming up in the next few years, benchmarking to global standards and generating additional revenue streams from non-fuel business is an idea worth exploring by oil marketing companies,” chairman Sanjiv Singh said.
The company’s executives said that the three state-run oil marketing companies are likely to add 50,000 fuel retail outlets over the next three years, of which 25,000 would be by IOC while the rest will be split equally between Bharat Petroleum Corporation and Hindustan PetroleumNSE -1.11 % Corporation. This will help the company maintain its market share.
