Chennai Petroleum Corporation re-enters direct fuel retail segment
Earmarks Rs 400 cr for setting up retail outlets
The setting up of retail outlets for the sale of petrol and diesel has been initiated by Chennai Petroleum Corporation (CPCL), marking its re-entry into the direct fuel retail segment nearly two decades after its earlier exit. Approval for this initiative has been granted by the Ministry of Petroleum and Natural Gas.
An initial capital expenditure of approximately Rs 400 crore has been earmarked for this project over the next two to three years. The first phase of retail outlets is expected to be launched during CPCL's Diamond Jubilee year, with site selection being carried out based on market potential and strategic location analysis.
The rollout is being approached cautiously, with further expansion into other states planned based on market response and prevailing conditions. The initiative is aimed at addressing existing market demand and expanding CPCL's presence in the fuel retail segment.
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