A bill to amend the Petroleum Marketing Practices Act.

Amends the Petroleum Marketing Practices Act to make as a ground for nonrenewal of a franchise relationship the failure of the parties to agree to franchise changes which are fair and reasonable when evaluated in terms of their impact on the franchisee's operation of the marketing premises.

Makes as an event relevant to the reasonable termination of a franchise relationship the non-exercise by the franchisor of an option to renew or purchase the underlying lease of the leased marketing premises (where timely notice and identification of the underlying owner or lessor have been provided).

Prohibits a franchisor, when such an option has not been exercised, from terminating or failing to renew a franchise because the franchisee has agreed with the owner or lessor of the underlying lease to maintain possession of the leased premises. Requires the franchisor, if after a good faith effort the franchisee fails to obtain possession of the premises, to pay to the franchisee the reasonable value of the good will of the business attributable to the franchisee's efforts, if the franchise is terminated or not renewed.