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News Brief | May 2016

PSU oil firms to spend Rs.2,500 cr on fuel stations

State-owned oil companies will spend Rs.2,500 crore to open around 3,100 fuel stations this financial year as rivals from the private sector step on the gas. According to officials at oil marketing companies (OMCs), the full impact of diesel price deregulation, which was introduced in October 2014, will be seen this fiscal year, and they have already introduced measures to take on competition.
India´s three OMCs-Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)-together sell over 95 per cent of all petrol and diesel consumed in India.
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