Minister of State for Petroleum and Natural Gas Rameswar Teli informed on Monday that the Union government has granted auto fuel retailing licence to seven new entities including Reliance Industries and a joint venture of RIL and BP.
The fuel retail licences were given under a new liberalised rule that allows ventures with a minimum net worth of rupees 250 crore to apply for authorisation to retail petrol and diesel.
Teli said in a written reply to the Lok Sabha that under the November 2019 policy, marketing authorisation has been granted to RIL, IMC Ltd, Assam Gas Company Gas Company, Onsite Energy Pvt Ltd, RBML Solutions India Ltd, M K Agrotech and Manas Agro Industries.
Reliance Industries Ltd already owns a fuel retailing licence under which it had set up over 1,400 petrol pumps across the nation. But, the fuel retailing licence was transferred to its subsidiary joint venture Reliance BP Mobility (RBML).
The minister says that the Ministry of Petroleum and Natural Gas (MoPNG) vide Resolution dated November 8, 2019 has updated the guidelines for licence authorization to market transportation fuels.
Teli said that the revised guidelines will promote smoothness of doing business and boost private players to invest in the retail sector.
The fuel retailing license is required to install facilities at their proposed retail outlets within three years of operationalisation of that same outlet for marketing for at least one new generation alternate fuels such as compressed natural gas (CNG), biofuels, electric vehicle charging points etc.