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Piyush Goyal's threat-I: It is not just empty talk
May 02: The oil & gas industry must not take power minister Piyush Goyal's pronouncement that India's entire fleet of petrol and diesel cars will be replaced with electric vehicles by 2030 as an empty threat.
8Goyal may have mixed political rhetoric with hazy economics to push forward his point of view but the fact that electric vehicles are now a looming threat the India's Oil Marketing Companies is an established fact.
8“We are going to introduce electric vehicles in a very big way. We are going to make electric vehicles self-sufficient like Unnat Jyoti by Affordable LEDs for All (UJALA)," Goyal thundered from a CII platform last week.
8Even though diesel and petrol sales are recording sharp increases in sales, this website has been saying for sometime now that the OMCs will need to dramatically rethink its retail outlet led business model sooner than later.
8All refinery expansions will have to take into account Goyal's threat into their cost economics.
8The uncertainty element is at its highest level ever for the OMCs.
8Does the existing leadership have the capability of steering these huge companies through this period?
8Could they, for example, buy stakes in electric car manufacturing companies or turn their retail outlets into charging stations and successful food and convenience store outlets once petrol and diesel dispensation is not a viable business anymore?
8Can they diversify quickly into petrochemicals and related businesses before their retail outlets go dry?
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