Fuel retailer bet big on green energy with easy loans

Fuel retailer bet big on green energy with easy loans

Oil companies betting big on solar energy doesn’t sound ironic any more. Setting up solar power plants is not a token of commitment to the environment. Instead, it is making business sense as rising cost of running petrol pumps eat into dealer income.

No wonder India’s state-run fuel retailers are persuading petrol pump owners to go green by setting up solar power units. Experiments by Indian Oil, the country’s largest fuel retailer, in 2015 showed running outlets on solar power costs less than burning diesel in generators to keep pumps running, especially in the hinterland.

Since then, IndianOil, which holds sway over nearly half of India’s fuel retail market, has been driving its dealers to switch to green power by arranging easy loans through a tie up with SBI and other assistance. Bharat Petroleum and  Hindustan Petroleum too have joined the bandwagon but are slower. Read More

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