State-run fuel retailers on Thursday began distributing LoIs (Letters of Intent) for expanding their retail network for the first time in almost five years in a bonanza of at least 20,000 petrol pumps for those seeking a source of livelihood ahead of the general election.
Oil minister Dharmendra Pradhan handed over the first batch of 2,582 LoIs at a function here, saying the new petrol pumps will create at least two lakh jobs and clear the backlog of allotting 5,000 outlets under SC (scheduled castes) quota.
“It has been traditionally seen that the ‘strike rate’ of sites advertised being converted into actual petrol pumps after necessary formalities and scrutiny has been 15%. We are targeting 25-30% this time, which means 20,000 petrol pumps will come up. Each petrol pump employs 10 persons so it will create 2 lakh direct jobs,” he said.
The three state-run retailers – IndianOil, HPCL and BPCL – had in November last year sought application for dealerships at 78,493 locations across the country. The advertisement drew some four lakh applications till the last date in January. Read More
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