India's imports for the '02-'03 were 88.73 million tonnes, which cost the taxpayers around US$18.47 billion.

According to Naik, "[The] oil import bill of the country would be higher by about 5% in volume terms during the current fiscal on account of increased consumption. However, the final figures of the oil imports in value terms [are] still not available due to the fluctuation in prices year round."

On the matter of the revision in the retail price of petroleum products, Naik has revealed that the Indian Cabinet has endorsed the 'conscious decision' by the national oil companies to not increase their oil prices so as to not burden the Indian consumer.

"The oil companies have made a profit of over US$5.1 billion last year and if they want to pass it to consumers they can do so," said Naik.

"[Ultimately, the] revision in retail oil prices [depends] on the movement of international crude prices," added the minister.