Chennai: Oil Marketing Companies (OMCs) are set to undertake expansion of retail outlets in the wake of increasing demand for petrol and diesel.
In a joint statement released after OMCs (IOCL, BPCL, HPCL) of Tamilnadu and Puducherry met to discuss about their business expansion plans, they said, “Fossil fuel energy acts as the catalyst for the economic growth of our nation. For a fast growing economy like ours, energy needs are growing manifold. PSU Oil Marketing Companies (BPCL, HPCL and IOCL) are undertaking retail outlet network expansion in tandem with the growth in demand of petrol and diesel.”
Executive director and State head – IndianOil (Tamilnadu and Puducherry) and State-level co-ordinator for oil industry, R Sitharthan, announced the decisions.
“Retail sales of Petrol and Diesel are increasing at the rate of approximately eight per cent and four per cent per annum respectively,” the statement said.
“The retail outlet network in rural, remote and far-flung areas are also being expanded with the intention of reaching product, predominantly diesel to meet the rural agricultural demand and people living in remote areas,” it added.
Oil Marketing Companies are now inviting applications from prospective candidates for setting up of petrol pumps.
Present at the meeting were State retail Head for IndianOil (Tamilnadu and Puducherry), V Gopalkrishnan, south zonal head for Retail – Hindustan Petroleum, Sandeep Maheswari, State retail head (Tamilnadu) – Bharat Petroleum, V Nagarajan and GM (Corporate Communications), Southern Region – IndianOil, Sabitha Natraj.