Aiming to increase competition in the fuel retail sector, the government is mulling plans to relax norms for setting up petrol pumps in the country so that more private companies enter into the sector. An expert committee has been formed by the oil ministry to recommend easing of rules related to fuel retailing licenses, PTI reported citing the ministry order. Currently, a firm needs to invest Rs 2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas (LNG) terminals in order to obtain a fuel retailing licence in the country. The expert committee will "look at various issues related to the implementation of existing guidelines for grant of marketing authorisation of market fuels - petrol, diesel and aviation turbine fuel (ATF)," PTI reported. Economist Kirit Parikh, former oil secretary G C Chaturvedi, ex-Indian Oil Corp (IOC) chairman and IIM Ahmedabad Director M A Pathan would be panel members. The scheduled panel will "review the existing architecture and extent of private sector participation in retail marketing of major transportation fuels in the country," the order said. Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), the three government-owned companies at present own most of 63,498 petrol pumps in the country. Meanwhile, oil marketing companies (OMCs) on reduced the prices of petrol and diesel for the sixth day in a row today. The petrol and diesel prices in Delhi are Rs 81.34 per litre (down by Rs 0.10) and Rs 74.85 per litre (down by Rs 0.07), respectively. The petrol and diesel prices in Mumbai are Rs 86.81 per litre (down by Rs 0.10) and Rs 78.46 per litre (down by Rs 0.08), respectively.