ONGC plans to re-enter fuel retailing

One of India’s state-owned, oil and gas major, Oil and Natural Gas Corporation (ONGC), is planning to re-enter into the petro retailing space amid the recent diesel price deregulation announced by the government.
The company has a license to operate more than 1,000 retail outlets, but operates only one for the last five years as, in 2006, the oil ministry had discouraged it from starting fuel retailing operations, said the media reports.
ONGC is planning out a robust strategy in order to enter the segment and take a hold of market share from its private sector undertaking (PSU) peers and private retailers such as Reliance Industries Limited (RIL), Essar Oil and Shell India.
ONGC is likely to operate under the Oval brand, while its subsidiary MRPL will operate under HiQ brand, according to media reports.
(June 3, 2013)