Oil ministry authorizes new companies to sell automobile fuels in India
India’s Ministry of Petroleum and Natural Gas has granted authorisations to seven companies for selling of auto fuels in the country.
- These new approvals come under the relaxed guidelines for authorization to market transportation fuels which were revised in the year 2019.
- Under these norms Reliance Industries (RIL) were granted authorisation.
- RBML Solutions India has also been granted authorisation.
- Chennai-based IMC which specializes in oil terminals has also received approval to sell auto fuels.
- The Government of Assam undertaking, Assam Gas Company has also received an approval from the ministry for fuel retailing.
- Onsite Energy which was incorporated in the year 2020 has also received authority to sell automobile fuels.
- Under the new rules, Manas Agro Industries and Infrastructure and M K Agrotech have also got fuel retailing authorisations.
Procedure for granting of authorisation
Companies having a minimum net worth of Rs 250 crore at the time of making application were granted authorisation by the petroleum ministry.
The minimum net worth requirement was Rs 500 crore in case if authorization is required for retail and bulk sales.
2019 rules for retail authorisation
The 2019 rules state that for receiving retail authorisation, an entity has to set up minimum of 100 retail outlets. Out of these outlets, 5% should be set up in the notified remote areas of the country that too within 5 years of receiving the authorisation.
Month: Current Affairs - July, 2021