New fuel retail rule: Easier entry norms may dent monopoly of PSUs

The Cabinet Committee on Economic Affairs on Wednesday relaxed the norms for firms to open fuel retail outlets, effectively paving the way for more private companies—both foreign and domestic—to enter this business domain.

The move is expected to attract investment in the sector after lower-than-expected interest was shown by private oil companies to invest in the segment even after the deregulation of auto fuel prices.