Equity

Race Commission coordinates OMCs to stop assignment of oil siphons

The Election Commission (EC) has asked the three oil showcasing organizations (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — to stop portion of oil pumps until further notice. We were coordinated by the EC not to proceed with further apportioning of fuel outlets, said a senior OMC official.

The OMCs had intended to designate around 41 percent of the arranged 78,493 new fuel retail outlets. They moved toward the survey board around mid-March, saying they needed to give letters of aim to no less than 31,800 fruitful bidders in April and May.

The Election Commission (EC) has asked the three oil showcasing organizations (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation — to stop portion of oil pumps until further notice.

The organizations were of the view that since the offering began in November and the portion procedure commenced before the decisions, it ought not to be halted in view of the model implicit rules. The opening of more than 78,000 outlets was relied upon to see speculation of about ~80,000-90,000 crore in the part.

On February 21, the organizations issued Lois to bidders for 2,579 areas. The three firms together got more than 400,000 applications for the 74,608 areas or 95 percent of the territories that were on offer. In view of the Petroleum Planning and Analysis Cell’s most recent information, India has 64,376 fuel outlets. Of this, 27,556 are under IOC, pursued are by 14,721 under BPC and 15,440 by HPCL. Sparkle Jacob

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