Bangalore, Sept 1 (ANI): Union Petroleum and Natural Gas Minister M. Veerappa Moily on Sunday urged people to take some austerity steps to conserve fuel, and added that the economy can be saved from deterioration if people cooperate and conserve petroleum.
"The consumption of petroleum should be conserved. We need to adopt some austerity measures. The people should cooperate with us. We are importing 80 percent of the petroleum in terms of dollar. Investors are investing in dollar, so dollar price is going up. Petroleum companies have lost 80 thousand crores in the recent times," he said.
"We want to create an opportunity to conserve petrol during this crisis. People should take some austerity steps to save petrol. Only then the economy can be saved. If I can save 25 billion dollars in terms of reduction of import, I will be adding one percent to the GDP. By conserving the oil energy by the people, the GPD will become 5.5 percent and this will change the economy of the country," he added.
Oil companies on Saturday hiked the price of petrol by Rs. 2.35 per litre and diesel by 50 paise per litre.
This is the sixth hike in petrol prices in two months, whereas the prices of diesel have been hiked eight times since January 17. (ANI)