MYSORE: The Union petroleum minister M Veerappa Moily on Saturday said he is focusing on reducing India's dependence on fossil fuel and cut down the oil imports to 50 per cent of the total needs.
"As we know, US waged Gulf war to secure its energy safety. With whom can we wage war to cut down out oil imports? We've to focus on alternate sources of energy. That is now priority," he said announcing the plans to cut down oil imports to 50 per cent by 2016. It is 80 per cent now, which, he said, is affecting the fiscal management. As part of the initiative, the cabinet has cleared mixing of 5 per cent ethanol with fossil fuel for use in automobiles, he stated.
The cabinet will decide on raising the annual cap on the supply of subsidized cooking gas refills to each family. I'm taking the issue to the cabinet. I'm hopeful it will get through, he told reporters. According to him, the MHRD will have to extend financial assistance to the oil PSUs to get subsidized LGP cylinders to escape the 6-per-year cap. I know the midday meal programme is affected by the decision, which was taken as our financial condition is bad, he stated.
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