(ET)
State-owned oil companies have issued letters of intent for more than 9,000 new petrol pumps as part of their biggest-ever expansion of fuel retail network. The companies are moving quickly to select dealers for new pumps that would help double their retail network in just a few years, serve customers better in less-penetrated micro markets and meet the growing challenge from the private sector.
In November 2018, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd (HPCL) had launched the process to select petrol pump dealers at about 78,500 locations across the country. Companies received applications for about 95% of locations – single applications for 39% and two or more applications for 56%.
