New Delhi: Global energy giant BP, which has already invested over $8 billion in India, is preparing to storm the Indian fuel retailing market, starting with jet fuel that is already sold at market prices and eventually setting up petrol pumps when state controls are gradually withdrawn.
Government officials and industry executives said that Shell, which already has some petrol pumps in India, is also keenly watching the market as petrol prices have been decontrolled and diesel rates are being increased gradually to international levels after which it would be sold at market rates. The retail market is expected to rev up after many years.
Reliance and Essar had captured more than 17% of the market when prices were market-linked, but they bowed out after state firms sold cheaper fuel with the help of government subsidy.
04/02/14 Himangshu Watts & Rajeev Jayaswal/Economic Times
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Government officials and industry executives said that Shell, which already has some petrol pumps in India, is also keenly watching the market as petrol prices have been decontrolled and diesel rates are being increased gradually to international levels after which it would be sold at market rates. The retail market is expected to rev up after many years.
Reliance and Essar had captured more than 17% of the market when prices were market-linked, but they bowed out after state firms sold cheaper fuel with the help of government subsidy.
04/02/14 Himangshu Watts & Rajeev Jayaswal/Economic Times
