Government bearing 85 per cent of the increased burden caused by rising oil prices: Murli Deora
20 Sep 2007
Minister for petroleum and natural gas Murli Deora has said that in spite of rising crude oil prices, the government had ensured that the additional cost was not passed on to the consumers.
Inaugurating 14th Refinery Technology Meet at Thiruvananthapuram today, he said that the government was bearing almost 85 per cent of the increased cost burden. He further said that the continued shortage and shortfall in crude oil supplies, rise in crude oil prices, increased use of sour and heavy crude oil, stringent environmental stipulations, other geo-political factors, globalisation, etc, were the most daunting challenges to the country''s energy security today.
Deora also emphasised that the government was totally committed to accelerating the growth of this crucial sector and has taken adequate initiatives for sustainable development of the hydrocarbon sector.
He said the government had adopted various short-term and long-term measures, like demand restraint through efficient conservation practices, increasing production and use of bio-fuels, increased fuel substitution through utilisation of natural gas, increasing emergency stocks for strategic reserve, energy efficiency improvement, etc.
Deora
said, "Exploration and coverage of domestic resources through New Exploration
Licensing Policies (NELP), intensive efforts for investment for acquisition of
oil and gas equity abroad, enhancing availability of natural gas / LNG, Coal Bed
Methane (CBM), underground coal gasification, development of alternative fuels,
initiative for hydrogen production for use as clean fuel, were being encouraged
for long-term development."
