<div>Prime Minister Manmohan Singh on 7 January 2013 pushed for phased rationalisation of energy prices to bring them in line with international prices to meet the targeted rapid inclusive and sustainable growth.<br /><br />Energy remained under-priced in the country with coal, petroluem products and natural gas prices remaining well below international prices, he said laying the foundation stone for the Rs 14,225 crore BPCL-Kochi Refinery's Integrated Refinery Expansion Project at nearby Ambalamugal.<br /><br />"To meet our target of rapid inclusive and sustainable growth, we must undertake a phased rationalistion of engery prices," Singh said.<br /><br />The Prime Minister said the central and state governments must work together to create awareness among the public on the need for curbing energy subsidies.<br /><br />"To achieve our target of rapid growth, we need adequate supply of energy at affordable price. Oil and gas will continue to meet a very large part of our energy requirements for many years to come," he said.<br /><br />Pointing out that India remained dependent on imports for meeting a major portion of its crude oil requirements, he said "it is for this reason, we will require largescale investments in the field of exploration for oil and gas."<br /><br />He said the government remained committed to encouraging companies to undertake domestic explorations for oil and gas.<br /><br />"Our public sector companies are also looking at opportunities abroad. I am happy to know that BPCL has made significant successes in the upstream exploration and production sectors, particularly in Mozambique and Brazil," Singh said.<br /><br />The BPCL-Kochi refinery project, expected to be completed by December 2015, aims at meeting the country's growing energy needs and make auto fuels more environment-friendly.<br /><br />It envisages increasing the refining capacity of the Kochi refinery from the present 9.5 million metric tonnes per annum (MMTPA) to 15.5 MMTPA. <br /><br />(PTI)</div>
