NEW DELHI: Europe’s third largest oil company, BP Plc, has been given the nod to set up petrol pumps to retail petrol and diesel in India.
With this approval from the government, BP will become the tenth such player to enter the lucrative fuel retailing segment, at a time that it is witnessing double digit growth.
Just a few days ago, home grown Haldia Petrochemicals Ltd was given approval by the Oil Ministry to retail petrol and diesel.
“BP sees a strong future for transportation fuels in India. We are keen to be involved in this market and contribute to its development,” said BP while reacting to the development.
BP had won in-principle approval to begin retailing aviation turbine fuel (ATF) to airlines in India in January this year and won full approval a few months ago.
The most recent approval to sell diesel and petrol on the retail market gives it a much more lucrative avenue.
To be granted a licence to retail auto fuels petrol, diesel and ATF, a company should have invested a minimum of Rs 2,000 crore in exploration or production of oil and gas and oil refining sector.