Oil imports to rise by 5% in volume terms over 2002-03

However, the final figures of the oil imports in value terms were still not available due to the fluctuation in prices year round, he said.The oil imports for 2002-03 stood at 88.73 million tonnes while the bill was Rs 84,401 crore constituting about 70 per cent of country’s oil requirements.

Referring to the revision in retail prices of petroleum products, Naik said the oil PSUs have taken a “conscious decision” not to increase the oil prices and burden the consumers and added that the cabinet had endorsed their decision.

The oil companies have made a profits of over Rs 23,000 crore last year and if they want to pass it to consumers they can do so, Naik said adding that revision in retail oil prices depended on the movement of international crude prices.

Naik said: “since April 2003 the oil prices have been reduced five times and hiked three times resulting in a net decline of 75 paise per litre for diesel and petrol.” “Today is world consumer day and suppliers (oil companies) are taking care of consumers,” he said, adding that there was an under-recovery of Rs 106 per lpg cylinder and Rs 3 per litre of kerosene.