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Prime Minister Manmohan Singh has reportedly directed Petroleum Minister M Veerappa Moily to take steps for reducing crude oil import bill by $25 billion.
Prime Minister wants to reduce import bill of crude oil given that the price of the fuel rose to around $105.61 a barrel after declining in May.
In 2012-13, India imported $156.97 billion worth crude oil and products, while its net import bill stood at $98.14 billion owing to product exports of $58.84 billion.
Of the total import bill of India, oil imports account for 34 per cent and a dollar increase per barrel raises trade deficit by $900 million.
Further, Moily directed state-run refiners to take steps towards reduction in crude oil inventories from the current 30-day level, blending of 5 per cent ethanol in petrol and trimming of refinery throughput, reports indicate.
Retail pricing of petrol and diesel would also be raised to curb the extravagant consumption and diversion, especially of diesel, in industrial sector.
Indian rupee depreciated sharply to an all-time low of Rs 61.21 to a dollar in a recent trading session because of huge trade deficit, among other factors.