IOC plans to retain IBP brand post-merger

Indian Oil Corp. (IOC) will continue with the IBP fuel retail brand even after IBP Co. Ltd. ceases to exist post-merger with parent IOC, it was announced. IBP, with about a 10% share in diesel fuel and a little more than 8% share in petrol, is the smallest public sector oil company. IBP, which was hit the most by the fluctuations in crude oil prices, posted a Rs107 crores (US$24.34 million) profit for the first nine months of the current fiscal, compared to a loss of Rs521 crores (US$118.55 million) during the same period last year. “We will retain the IBP brand for the time being, said V.C. Agrawal, managing director of IBP. The number of fuel retail outlets operational under the IBP brand name stands at 3,500. IBP and IOC together operate close to 16,000 retail outlets. (February 6, 2007)