"The Union Government is drawing up a blueprint on raising self-sufficiency in petroleum products to reduce imports from 80 per cent to 40 per cent," he said, adding, it will be released between 2016 and 2018.
Currently India is importing 80 per cent of petroleum products which is causing an adverse impact on Indian economy, Moily said.
"UPA-II is very serious to chop imports of petroleum products," he told reporters on the sidelines of the release of a commemorative postage stamp in memory of Veerasimhasana Mahasamsthana Math Seer Shivaratri Shivayogi Swami here.
Moily indicated that the cap on the number of subsidised LPG cylinders a family can buy per year could be raised.
The government had in September capped supply of subsidised LPG to six cylinders per household a year. Any additional requirement is to be bought at market price of Rs 931 per 14.2-kg cylinder.