Bharat Petroleum Corporation Limited (BPCL) is planning to set up a new 12 million metric tonnes per annum (MMTPA) refinery in the country.

The state-run oil marketing company will invest around Rs 50,000 crore in the project and is currently assessing locations in three states — Andhra Pradesh, Uttar Pradesh, and Gujarat.

A quoted an official as saying, "The BPCL is planning another refinery either on the east coast or on the west coast as India needs more refineries to meet the increasing fuel demand. Talks are at a preliminary stage."

The official added that the company may also consider Uttar Pradesh to set up the new refinery.

Last month, BPCL Chairman G Krishnakumar announced that the company plans to increase its refining capacity to 45 MMTPA by FY29.