NEW DELHI, Aug 27 (Reuters) - India's oil minister said on
Tuesday that the prime minister has asked him to save $25
billion on oil imports in the current fiscal year, to help the
country narrow its current account deficit (CAD).
"Oil is one of the components which is responsible for CAD,"
Veerappa Moily said.
India's oil import bill rose 9.2 percent to $169.25 billion
in the 2012/13 fiscal year that ended in March.
"I have already made attempts for $22 billion, and I will
make attempts for another $3 billion," Moily told reporters, but
did not elaborate.
Moily also said India does not plan to allow oil marketing
companies to raise diesel prices by more than the approved 0.50
rupees ($0.01) per litre a month.
He told television channel CNBC TV18 earlier this month that
India would consider a request from oil marketing companies to
be allowed to raise diesel prices.
($1 = 64.4850 Indian rupees)
(Reporting by Nidhi Verma; editing by Malini Menon)