Chennai Petroleum Corporation Ltd will soon sell petrol and diesel in their own retail outlets. The Ministry of Petroleum & Natural Gas on Tuesday gave its approval to CPCL to exercise the Retail Marketing Rights to market Motor Spirit (MS) and High Speed Diesel (HSD), according to CPCL announcement to the National Stock Exchange (NSE).
CPCL, a subsidiary of Indian Oil Corporation Ltd, has a refining capacity of 10.5 million tonnes per annum (mtpa) at its Manali factory in North Chennai. This entire volume is given to Indian Oil as various products, including petrol, diesel and LPG to be sold in retail.
“CPCL will soon start selling petrol and diesel in retail outlets and compete with IOCL, HPCL, BPCL and private players like Reliance, Shell and Nayara,” said a source.
“We are yet to come up with a road map on the number of retail outlets to be set up and the locations,” CPCL sources said.
Mangalore Refinery and Petrochemicals Ltd, a division of ONGC and another refinery player, began its retail marketing operations in 2005 with its first outlet at the Cargo Gate of MRPL. Its expansion into retail was facilitated by ONGC, which has broader approval to set up retail outlets. It now has 100 outlets in both Karnataka and Kerala.
Chennai Petroleum soon to start selling petrol & diesel in retail outlets - The Hindu BusinessLine
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