IOC to expand the number of fuel retail outlets to 52000 in three years

Company to wait for government stand on Iran sanctions

State-run Indian Oil Corporation (IOC) looks to expand its fuel retail network to 52000 outlets in the next three years time, top company officials said.

Gurmeet Singh, director for marketing at IOC said the company looks to take the current 27185 number of retail outlets to 52000 outlets in the next three years time. He did not share details on what would be the share on company owned and company operated outlets. The move is to ensure the company continues to hold on its 44% market share and leadership position in fuel retailing in India.

Commenting on Iran sanctions, company officials added, the sanction will have an impact as Iran is a major supplier both for India and Indian Oil Corporation. However, Sanjiv Singh, chairman for IOC said, "What was contracted for the current year from Iran, so far has been procured proportionately. We have also lined up alternate options. November 4th is when the sanctions will kick in, it is a call that India (as a country) needs to take."

Company officials also tagged display of hoardings with the prime minister' image on them as a regular practice. Display of such hoardings at fuel retail networks has brewed a new controversy for the oil ministry. Clarifying on these hoardings, Singh added "PMUY posters always had the PM's picture, they were there last year too. It is the elections that are new."

On the usage of retail space for such hoardings, Singh added, the LPG scheme is one of the important schemes for all three state-run oil marketing companies and access to retail space is being used effectively for creating awareness. PMUY is Pradhan Mantri Ujjwala Yojana. 

In his speech at the annual general meeting held earlier in the day, the chairman said the company aims to double its refining capacity at 140 million tonnes per annum by 2030. This is lower from the earlier stated 150 million tonnes by 2030. Company officials added the change is not a scaling down of targets but based on the availability of land and other factors including design finalisation.