Govt to raise oil consumption by citizens

Agencies : New Delhi, Mon Oct 29 2012, 13:14 hrs

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New Oil Minister M Veerappa Moily today promised expeditious decision making as he set a target for more than tripling of oil consumption in the country to boost economic growth.

Moily said he would soon bring out a road map for bringing consumption up to 6 barrels per person per year.

"Average worldwide oil consumption is 14 barrels per person per year while that in developing countries it is three barrels per person per year. In India the picture is not so happy with a consumption of 1.2 barrels per person per year.

This is a matter of grave concern," he said after taking over as Minister of Petroleum and Natural Gas today.

Listing out priorities, Moily said investment policy has to be made conducive for foreign investment and delays in decision making avoid it.

"Decisions will be quickened and efforts will be made not to keep things pending," he added.

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