India shies from diesel hike, seeks $5 bln fuel savings

Last Updated: Tue, Sep 24, 2013 11:35 hrs

India has no plans to raise diesel and other key subsidised fuel prices at present, Oil Minister M. Veerappa Moily told reporters on Tuesday, as he announced measures aimed at saving $5 billion from the country's huge fuel bill.

Moily, who has said he wants to find savings of up to $25 billion on oil bills, outlined measures including public awareness campaigns which he said could help the world's fourth-biggest energy consumer reduce fuel costs.

He said India has a "serious engagement" with sanctions-hit Iran over oil imports. Moily has said he could save $8.5 billion in foreign exchange outflows by raising imports of Iranian crude, which India pays for partly in rupees.

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