Mangalore, Oct 15: Union Minister for Petroleum and Natural Gas M Veerappa Moily launched a mega campaign on petroleum conservation organised by HPCL and Maco Co-operative Society Ltd in Mangalore on Monday.
Speaking on the occasion, Mr Moily said his ministry will provide subsidy for cycle stands.
“If the urban civic bodies are planning to popularise cycling, then the petroleum ministry will provide cycle stand and subsidy to buy cycle in order to save fuel”.
He said, “As the part of fuel conservation drive to save $5 billion in oil import bill, myself and all officials in my ministry are travelling by public transport on every Wednesday and we have saved Rs 2 crore in one week. Even we had received good response from petroleum corporations,” he added.
"I have asked and issued a circular to Chief Ministers, central ministries and PSU heads to use public transport one day of the week and organised'Bus Day' in every week," he said, adding that this 'humble beginning' would inspire many others.
"We have to realize, every drop of fuel costs dollars. Our country's economy can't sustain like this."
"It is a voluntary act. I want everyone to know the importance of the economy of our country and take public transport every Wednesday," said adding that, “it will help us to control over inflation”, he said.
Battling a record current account deficit (CAD) that is a result of mounting oil import bill, minister said measures like the 'Bus Day' together with a Rs. 52 crore nationwide six week mega campaign to propagate conservation of oil and gas will help taper demand, thereby cutting oil import bill by $ 5 billion, he said.
A new committee has formed with the initiative of economists, Vijay Kulkarni for fuel consumption in India. There are plans to cut down 50 percent of fuel import by the year 2020, 75 percent by the year 2015 and achieve complete cut down in fuel import by the end of year 2030, he said. We can produce oil and now 75 percent of fuel is being imported and change in mind set up can help in producing oil, he said.
India spent $144.29 billion during last fiscal on importing oil needs, which is the single biggest item, impacting the CAD, the difference between the inflows and outgo of foreign exchange. “There is need to control economy and stabilise it”, M Veerappa Moily said.
Departments and Petroleum Corporation, which consumes less amount of petroleum will be awarded in every three months, he announced.
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