With the falling rupee and rising oil import bills fuelling the current account deficit (CAD) , the petroleum ministry is planning to do away with 24-hour petrol pumps in cities.But this proposal has been widely criticised over its feasibility and effectiveness.According to Mr. M Veerappa Moily, Minister for Petroleum and Natural Gas,this idea has been proposed by the public and no decision has been taken to keep petrol pumps dry during any part of the day.The minister noted that India is considering shutting down fuel pumps at 8pm.Oil imports are large contributors to the country's gaping trade deficit, which occurs when the value of a country's total imports is greater than its total exports.India's oil ministry is also looking to cut fuel consumption by 3%, which would help save an estimated 160 bn Rupees in foreign exchange outflow from the country.
The proposal came after the country hiked fuel prices with petrol prices being raised by 2.35 rupees per litre and diesel by 50 Paise per litre.This was severely criticised by the opposition Bharatiya Janata Party (BJP) by saying that it derail the economic situation.The August 30 note does not talk of shutting petrol pumps in the night but details out conservation campaign as well as raising oil imports from Iran to cut import bill.India could save $8.5bn in foreign exchange spending on crude oil imports in fiscal year 2013-14 if it imports more supplies from Iran, which accepts payments in rupees.We need to discipline ourselves and have to tighten the belts and some austerity measures have to be taken without affecting economic activity
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