For the first time in the last four years, the government has allowed the state-run oil marketing companies (OMCs) to go for a massive expansion by doubling the number of fuel outlets over the next five years. State-run oil marketing PSUs - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - have together invited bids for 55,649 petrol pumps dealership across the country. "For a fast-growing economy like ours, energy needs are growing manifold. PSU Oil Marketing Companies (OMCs - BPCL, HPCL & IOCL) are undertaking Retail Outlet (Petrol Pump) network expansion in tandem with the growth in demand of Petrol and Diesel," a joint statement showed. Read more: As the election nears, govt allows oil PSUs to open 55,000 more fuel pumps While IOC plans to set up 26,982 retail outlets, BPCL and HPCL are planning to add 15,802 and 12,865 outlets, respectively.\u00a0The expansion drive is expected to generate an additional employment to about 5.5 lakh people across the nation over the next five years. Key things to know For the first time, a computerized draw of lots or bids opening would be held under the aegis of an independent agency, in order to ensure more transparency. Unlike earlier, this time nearly 60% of the outlets have been offered on dealer-owned-and-dealer-operated model. Firms will keep only 40% to themselves, where the operation will be through either themselves or through dealers. The selection of dealers will be via draw of lots for dealer-owned outlets. On the other hand, the company-owned-dealer-operated outlets will be done through the bidding process. The government has introduced a simplified online application form. Eligibility norms have also been relaxed. Unlike earlier, only the selected candidate would be required to produce the documents. This time, no need of a bank balance of Rs 25 lakh balance in accounts. Availability of suitable land is the most important requirement. However, applicants without land can also apply with a condition that they will offer land when asked to. All retail outlets will be constructed with the latest technology, including automation Retail outlet dealership provides a good opportunity to fore entrepreneurs and also to associate with Fortune 500 companies. Interested entrepreneurs may see the detailed advertisement and Brochure available on the government website petrolpumpdealerchayan\u00a0dot in.