The Centre has reduced the minimum investment required for petrol retail business to Rs 250 crore from Rs 2,000 crore. Besides, companies with no investments in oil & gas exploration, production, pipelines and refining will also be allowed to open petrol pumps.
The companies can market fuel and also apply for retail and bulk authorisation either separately or together. Individuals can also avail dealerships of multiple oil marketing companies at different locations.
Such entities, however, will be required to have one new generation alternate fuel such as CNG, LNG, biofuel or electric vehicle charging within 3 years. Also, 5 per cent of the retail outlets have to be located in remote areas within 5 years.
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