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BW Businessworld

PM Asks Moily To Slash Oil Imports By $25 Bn In 2013-14

Oil minister Veerappa Moily said on Tuesday, 27 August that the Prime Minister has asked him to save $25 billion on oil imports in the current fiscal year, to help the country narrow its current account deficit (CAD).

"Oil is one of the components which is responsible for CAD," Moily said.

India's oil import bill rose 9.2 per cent to $169.25 billion in the 2012-13 fiscal year that ended in March.

"I have already made attempts for $22 billion, and I will make attempts for another $3 billion," Moily told reporters, but did not elaborate.

Moily also said India does not plan to allow oil marketing companies to raise diesel prices by more than the approved 0.50 rupees per litre a month.

He told television channel CNBC TV18 earlier this month that India would consider a request from oil marketing companies to be allowed to raise diesel prices.