Oil marketing firms get ready for massive expansion plans

Press meet on business expansion plans of Oil Marketing Companies (IOCL, BPCL, HPCL) in Tamil Nadu and Pondicherry has been held at Chennai. R Sitharthan, Executive Director & State Head for IndianOil (Tamil Nadu & Pondicherry) and State Level Co-ordinator for the oil industry, addressed the media in presence of V Gopalkrishnan, State Retail Head for IndianOil (Tamil Nadu & Puducherry), Sandeep Maheswari, South Zonal Head for Retail – Hindustan Petroleum, V Nagarajan, State Retail Head (Tamil Nadu) – Bharat Petroleum, Sabitha Natraj, General Manager (Corporate Communications), Southern Region – IndianOil. Fossil fuel energy acts as the catalyst for the economic growth of our nation. For a fast growing economy like ours, energy needs are growing manifold. PSU oil marketing companies are undertaking retail outlet (petrol pump) network expansion in tandem with the growth in demand of petrol and diesel. Retail sales of petrol and diesel are increasing at the rate of approximately 8 per cent and 4 per cent per annum, respectively. Expansion of retail outlet network (Petrol Pumps) is undertaken by Oil Marketing Companies primarily to meet the growing fuel needs and convenience of customers in emerging markets like upcoming highways, agricultural pockets and industrial hubs. The retail outlet network in rural, remote and farflung areas are also being expanded with the intention of reaching product, predominantly diesel to meet the rural agricultural demand and people living in remote areas. Additionally, the expansion of retail outlet network is expected to generate employment opportunities.