BP Plc receives licence to set up 3,500 petrol pumps in India

British energy firm BP Plc has received a licence from the government to set up 3,500 petrol pumps in India. It is the second foreign player after Shell to enter the country’s transportation fuel retailing business which is dominated by state firms that control nearly 95 per cent of the 56,000 outlets. Reliance Industries Limited and Essar Oil are the other private firms fighting for a share in the rapidly expanding fuel market. Between April and August 2016, the sale of petrol and diesel grew by 14 per cent and 6 per cent, respectively, as the over 7 per cent economic growth in the country powered greater fuel demand by vehicles and factories.