Union cabinet allows all companies to enter fuel retail business

NEW DELHI : The government on Wednesday opened up fuel retailing norms, allowing non-oil companies to set up petrol pumps to increase competition.

Briefing reporters about the decisions taken by the Cabinet, I&B Minister Prakash Javadekar said the opening up the fuel retailing will increase investment and competition.

At present, to obtain a fuel retailing licence in India, a company needs to invest ₹2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas (LNG) terminals.