Oil firms to expand retail outlets again

State-run oil marketing companies (OMCs) are planning to put expansion of their retail outlets back on track as lower international crude oil prices have enabled them to register profits on most of the petroleum products they sell. The three OMCs—Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL)—were asked by the government in July 2008 to stop “indiscriminate” setting up of petrol pumps as it was one of the reasons for mounting losses on fuel sales. (December 25, 2008)