Bharat Petroleum Corporation (BPCL) has embarked upon initiatives to boost its nonfuel revenues against the backdrop of rapidly changing share of energy sources, deregulation of the sector and evolving customer trends. While it would be too early to discuss any specific financial numbers, we believe BPCL should benefit in the near term from its improved brand value and higher volumes due to increasing footfalls at the target outlets. BPCL management also mentioned that new players would not be able to justify investments at the current levels of auto fuel marketing margins, which are well below international peers. We believe this strengthens the case for increasing...