Oil import volumes to rise 5% in FY04: Naik

India's oil imports in the current fiscal will rise 5 per cent over 2002-03 in volume terms, even as state-owned oil companies have taken a "conscious decision" not to increase oil prices.

"The oil import bill of the country will be higher by about 5 per cent in volume terms during the current fiscal on account of increased consumption," Petroleum and Natural Gas Minister Ram Naik said here today.

However, the final oil import figures in value terms were still not available due to fluctuations in prices all year round, he said.

In 2002-03, 88.73 million tonnes of oil "" constituting about 70 per cent of the country's oil requirements "" were imported for Rs 84,401 crore.

Referring to the revision in retail prices of petroleum products, Naik said oil public sector undertakings (PSUs) had taken a "conscious decision" not to increase oil prices and burden consumers. He added that the Cabinet had endorsed their decision.

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

"Since April 2003 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," Naik said.

"Today is World Consumer Day and suppliers (oil companies) are taking care of consumers," he said, adding that for oil marketers there was an under-recovery of Rs 106 on every cylinder of liquid petroleum gas (LPG) and Rs 3 on every litre of kerosene distributed through the public distribution system.