c







c










 

 






Supporting the Union Government's latest verdict to completely deregulate retail prices of petrol, the
Chairman of Mangalore Refinery and Petrochemicals Ltd (MRPL)., R. S. Sharma, stated that this was a
good move that will benefit oil companies operating in the retail industry.

With regards to this, Managing Director, U. K Basu informed reporters that the government had given
Mangalore Refinery and Petrochemicals Ltd consent to commence operations for another 500 retail
outlets. ´We will be opening 122 retail outlets in 2012-13 in close proximity to the plant,µ he said. His
comment suggests that some of these retail outlets might also emerge in the neighbouring State of
Kerala.

For now, the company has only two retail outlets, one in Maddur and the other in Hubli.

On increased subsidies to oil marketing companies, Mr. Sharma said he would like to ´bat in favour of
the governmentµ. Despite having the greatest number of dollar millionaires in the country, India is also
home to one of the largest populations of poor and underprivileged people, he added.

Mr. Sharma thought it was unjust to harbour aspirations that the government should take care of only
the financial health of oil companies and not the poor citizens of the country. ´I cannot assure that
there will be no under-recoveries in the industry,µ he said.

He also praised the MRPL team for the manner in which it has configured the Rs, 12,400 crore Phase-III
of the plant. The plant is expected to attain mechanical completion by October 2011.

Sharma said that domestic direct marketing sales had reached 800 TMT from 775 TMT in the previous
year.

´The company has earned a net profit after tax of Rs 1,112 crore, which is marginally lower than the Rs
1,193 crore in the previous year, as no mat credit was available during the year. MRPL has installed 122
outlets of 500 outlets, but none of the retail outlets are doing wellµ, he said.