Indian Oil Corporation shrugs off pvt retailers

Lndia’s largest network of petrol pumps Indian Oil Corporation (IOC), which has the in the country, said on Thursday that it is not worried with the expansion plans of private companies in the segment as India becomes a deregulated market in fuels.

“We are quite confident. We have extremely good network at this point of time which is difficult to replicate by anybody. We have done all the right things at the retail front. We are very competitive and we are not worried about facing competition,” said IOC chairman B. Ashok.

Recently British firm BP Plc got permission from government to set up petrol pumps in the country. This even as existing private firms are looking to increase their network.

Till recently private operators were not able to compete with the state-owned oil marketing companies because they used to sell fuel at a loss as petrol and diesel was subsidised. But now petrol and diesel are sold at petrol pumps at market determined prices giving these private operators an opening. Currently, Shell, Reliance and Essar operate private petrol pumps.