ONGC plans to re-enter into fuel retailing

State-owned, oil and gas major, Oil and natural gas Corporation, is planning to re-enter into the petro retailing space amid the diesel price deregulation.

The company has license for over 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 PSU peers and private retailers like RIL, Essar Oil and Shell India.

ONGC is likely to operate under 'Oval' brand, while its subsidiary MRPL will operate under 'HiQ' brand, added the media report.

Besides fuel retailing, the company is also setting up mega petrochemical complexes at Dahej in Gujarat and Mangalore in Karnataka, under Opal and OMPL brand names.

Story first published: Monday, June 3, 2013, 13:31 [IST]
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