IOC goes on consolidation mode, to open 550 outlets by Mar '08

New Delhi, Sept 11 (UNI) In a strategic move, Indian Oil Corporation Ltd (IOC) will consolidate its retail outlets by opening 550 petrol stations by this fiscal-end against a total of 1,200 outlets set up last year, thereby reducing the number by over 50 per cent.

''We will set up 550 fuel stations pan-India by March, 2008 which has been reduced by over 54 per cent, against 1,200 outlets opened last year,'' IOC Executive Director (Retail Sales) A M K Sinha told reporters on the sidelines of a conference here.

He said that in the urban areas, there are lots of fuel stations available now, and so opening more stations is not commercially viable.

IOC would now give more focus on the rural market, Mr Sinha said, adding that the company will open 1,000 Kisan Seva Kendra (retail outlets) by this fiscal-end.

At present, IOC has 16,300 petrol pumps across the country.

He said there has been 10 per cent growth in petrol and diesel consumptions in the first quarter of this fiscal.

Mr Sinha said the company will also set up 100 modern petrol stations, where besides fuel one can buy other accessories also.

''The first such petrol pump will be functional by the end of this financial year,'' he said.

Mr Sinha said the ratio between the urban and the rural areas will be 8:2 for these modern stations.

UNI