EVOLUTION OF FUEL RETAIL IN INDIA VIS-A-VIS INDIAN CUSTOMER: SHIFT IN CONSUMER BEHAVIOR

India is one of the largest energy consumers in Asia-Pacific, standing 3rd in the world after USA and China. Indian Fuel retail market has experienced the evolution of concept of fuel retail product from a commodity to service-based product over last two decades. From a basic commodity (in the pre-independence era) customer perception regarding fuel as a product has evolved over the last two decades to include value added services like free air, oil change, servicing etc. With the technological advancement in the society and upgradation of customers in the arena of technology landscape, customer desires have evolved towards getting value added services under one roof, forcing oil marketing companies (OMCs) to develop large format fuel station which offer many value added services. Consumer experience is also getting increasingly sophisticated as consumer buying behavior and expectations evolve over time. Fuel stations in India have experienced a major shift from “only Petrol Pump” having fuel products for sale to “Recreation Centre” with the concept of value-a ded services under one roof