India's inherent potential in a wide number of fields, including the petroleum sector, is finally being realised. Deregulation of the petroleum sector and dismantling of Administered Pricing Mechanism (APM) in 2002 was a watershed, from which India will rise to a position of deserved prominence in the world oil industry. This holds true not only for the Exploration and Production sector, where we have had new entrants making world class discoveries, but also for the downstream and retailing sectors where many new ideas will flow in not only from around the world but also from our own local strategists.

The customers can only benefit from such competition. The oil marketing PSUs have also taken a number of steps to improve their services by introducing branded fuels. In order to become international players and to achieve optimum revenue, deeper market penetration and brand building is a must.

Our public sector refining and marketing companies will soon be competing with private players in the domestic market, a move that will, in the long run, strengthen all those involved.