IOC to increase retail outlets to 52,000 in three years

Indian Oil Corporation (IOC) is looking to expand its fuel retail network across the country. Gurmeet Singh, director (marketing) at IOC, said the company is looking to take the current number of 27,185 outlets to 52,000 in the next three years.

The move is to ensure the company continues to hold on its 44 per cent share and leadership position in the fuel retailing market.

Commenting on Iran sanctions, Sanjiv Singh, chairman of IOC, said the sanction would have an impact as Iran was a major supplier for IOC. However, he said, “What was contracted for the current year from Iran, so far, has been procured proportionately. We have also lined up alternative option. The sanctions will kick in from November 4.”

Other officials said the display of hoardings with the Prime Minister’s image was a regular practice. Display of such hoardings at fuel retail outlets has brewed a new controversy.

While clarifying, Singh said, “Pradhan Mantri Ujjwala Yojana (PMUY) posters always had the Prime Minister’s picture. They were there last year, too.” On the usage of such hoardings, Singh said, the LPG scheme was one of the vital schemes for all the three state-run oil marketing companies. In his speech at the annual general meeting on Wednesday, the chairman said the company planned to double its refining capacity at 140 million tonnes a annum by 2030.