New Delhi, November 26: Ahead of the Lok Sabha elections, the central government will open close to 56,000 new fuel pumps across the country in the next three years. The employment generation will increase manifold with this move. For the first time, online bids are invited by the state-run Oil Marketing Companies (OMCs) including Indian Oil, Bharat Petroleum and the ONGC-run Hindustan Petroleum from private players to ensure transparency. An independent agency would conduct the bidding process. The move will cover around 80 per cent of the total locations. Petrol And Diesel Prices Down by Rs 2.50 Per Litre as Centre Cuts Excise Duty by Rs 1.50 Per Litre; OMCs to Reduce Fuel Rate by Re 1 Per Litre

An Indian Oil Corporation Limited (IOCL) official Parth Vora said, "For a fast growing economy like ours, energy needs are growing manifold and state-run OMCs are undertaking retail network expansion in tandem with the growth in demand of petrol and diesel.” Presently, IOCL runs 50 percent of the petrol pumps run by around by OMCs. Meanwhile, the private players including Nyara Energy (formerly Essar Oil) operates more than 3,500 fuel pumps, and Reliance has around 600 pumps. Other foreign players such as BP and Shell runs 100 pumps each. Shocking Madhya Pradesh Petrol Pump Video: Owner Whips Employee For Being Absent From Work in Hoshangabad

According to statistics, retail sales of petrol and diesel are increasing at the rate of 8 per cent and 4 per cent per annum, respectively. According to Vora,  applications for 55,649 outlets have been issued. The move is undertaken to meet the growing demand for oil. The retail outlet network in rural, remote and far-flung areas are also expanded with the intention to meet the rural agricultural demand.

(With inputs from PTI)

(The above story first appeared on LatestLY on Nov 26, 2018 06:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).