BPCL Plans to Add 1,000 Gas Stations despite Privatization Plans

State-run Indian oil marketing company Bharat Petroleum Corp Ltd (BPLC) expects to add some 1,000 gas stations to its network during the 2020-2021 fiscal year. The network expansion may coincide with the privatization of the company, which could take place by March 2021, according to sources.

The outbreak of coronavirus in India, which has been on lockdown since March 25, has obviously taken its toll BPCL.

“Consequently lower demand for crude oil and petroleum products has impacted prices and therefore, refining margins globally. Since petroleum products are covered under essential services, the refining and marketing operations of BPCL were continued during the lockdown period,” the company said.

Company officials said that the FY21 Capex target has been reduced to Rs 80 billion from Rs 125 billion earlier.