Govt eases rules for setting up petrol pumps, allows non-oil cos in business
New Delhi: In the biggest reform in fuel retailing sector in almost two decades, the government on Wednesday relaxed norms for setting up petrol pumps, allowing non-oil companies to venture into the business – a move that could help private and foreign firms to enter the world’s fastest-growing market.
At present, to obtain a fuel retailing license in India, a company needs to invest Rs 2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas (LNG) terminals.
