Changes in fuel retailing policy expected to increase investment and opportunities
On 23rd October, Government of India approved the changes in fuel retailing policy by reducing license obtaining criteria from Rs. 2000 crore to 250 crore net worth of a firm. It will open the doors for new players for marketing and transportation of oil. Policy changes will increase the number of outlets, thus boosting the economy. Current major players such as BPCL, HPCL and IOCL hold more than 65000 retail outlets in India. Now firm with Rs. 250 crore net worth can obtain license for hydrocarbon exploration, production and marketing fuel.