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BUSINESS NEWS ALERT

Now six private companies will also sell petrol and diesel in India, consumers can benefit

New Delhi. Very soon six private companies are going to enter the petrol-diesel market in the country. According to media reports, soon the government may allow all these companies to sell petrol and diesel. The names of these companies are IMC, Onsite Energy, Assam Gas Company, Emkay Agrotech, RBML Solutions India, Manas Agro Industries and Infrastructure Limited. After starting the business of these companies, a total of 14 companies in the country will start selling petrol and diesel. It is noteworthy that in the year 2019, the revised Market Transportation Fuel Rules were issued. In these, a provision was made to allow private companies to do business in the fuel market.

 

At present, government companies dominate

At present, the state-owned companies of the country have complete control in the petroleum market. About 90 per cent of the market business is in the hands of government companies, the remaining ten per cent is with RIL, Shell and Naira Energy. It is believed that these new companies will increase the competition going on in the market and fuel can be supplied to the remote and rural areas of the country. At present there are total 77094 petrol pumps in the country. Of these, IOC has 32062, BPCL has 18637, HPCL has 18634, RIL/RBML has 1420, NEL has 6059 and Shell has 264 petrol pumps. The remaining 18 petrol pumps are with others.

 

common man will benefit

According to experts, the government has allowed private companies to do business in order to increase competition in the petroleum retail business and benefit the consumers. According to the guidelines of the government, only those companies whose minimum net worth is Rs 250 crore will be given license. Companies will have to invest a minimum of Rs 2000 crore in this business. Apart from this, within five years of getting the license, companies will have to create at least 100 outlets, of which five percent should be in remote rural areas of the country.

 

Let us tell you that at present, government companies revise the prices of petrol and diesel every day. Giving business discounts to new companies will increase competition in the market and its benefits will reach the common consumers in the form of low prices of petrol and diesel.

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