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‘Retailers must learn to accept new realities’

‘Retailers must learn to accept new realities’
‘It is essential to realign strategies to adapt to the dynamic environment. The changes in the price of fuel in the global market create ripples at the petrol station,’ Union Minister for Petroleum & Natural Gas S Jaipal Reddy said at a ‘Special Track on Fuel Retailing’ organised by the Federation of Indian Chambers of Commerce & Industry [FICCI] and Bharat Petroleum Corporation Ltd. [BPCL] concurrent to the Petrotech oil & gas conference.

 More than 70 per cent of India’s crude oil is imported which costs Rs 7.2 lakh crore and has a cascading effect on high retail fuel prices. But this has also led to increase in country’s exports which rose from 51 MMT in 2009-10 to 60.8 MMT in 2011-12, added Reddy.

On the occasion, the minister also inaugurated the exhibition where participating organisations can showcase their products and services. The Special Track on ‘Fuel Retailing 2020: Innovation Leaders and Game Changers in Policy, Technology and Business Models’, seeks to understand how Indian fuel retail industry would acclimatize to the fundamental changes in the market dynamics of the Indian fuel retailing and how technology, various mix of services, people management and location specific retail outlets would contribute to the overall performance and success of retail business in the hydrocarbon sector without facing difficulty.

RK Singh, chairman & managing director, Bharat Petroleum Corporation Ltd, said that the focus of fuel retailing is to identify the opportunities and challenges that the industry stands to face by 2020. The industry should look at supply chain optimisation and providing customer delight. The meet aims to integrate both front and back office of fuel retailing system.

RS Sharma, chairman, FICCI Hydrocarbon Committee and former CMD, ONGC, remarked, ‘It’s impossible to completely do away with the regulation prices of oil and petroleum.’
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