IOC & BPCL Penalty: The Pollution Control Board has taken major action and imposed a fine on India’s two largest oil distributor companies. Both the companies gave this information by sending separate information to the stock market. A fine of Rs 1 crore has been imposed on IOC and Rs 2 crore on BPCL.
IOC & BPCL Penalty: The Central Pollution Control Board (CPCB) has imposed a penalty on public sector companies Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL) for not installing pollution control equipment at their petrol pumps.
According to the statement issued by IOC, the company has received instructions from CPCB to pay a fine of Rs 1 crore for not installing Vapor Recovery System (VRS) at retail outlets in the National Capital Region (NCR). The company said the penalty has been imposed for not installing VRS at petrol pumps within the deadline set by the Supreme Court. According to a statement issued by IOC, there has been no impact on the company’s operations and other activities.
BPCL said in a filing to the stock exchange that it has received two fines from the CPCB for not installing VRS at petrol filling stations and storage terminals under Section 5 of the Environment (Protection) Act 1986 within the time limit prescribed by the Supreme Court and the CPCB. Notice has been received to give environmental compensation of Rs. crore.
BPCL said that it is looking into the notice and will give an appropriate reply. Will request CPCB not to take any further action and exempt the company from notice. According to the information given to the market, both the companies have received the notice on 19 October 2023.