Union Minister for Petroleum & Natural Gas Veerappa Moily has stressed on oil research in this ongoing five year plan (2012-17) while chairing a meeting of the Consultative Committee of the members of parliaments for the ministry of petroleum and natural gas in Mussoorie on Tuesday.
He reiterated that India still lags behind USA, China and Russia in the consumption of petroleum products. "We import our three fourth oils from abroad and have to spend around `6 lakh crore annually on it.