New Delhi, Oct 21 Union Minister of Petroleum and Natural Gas Murli Deora today said that the present volatility in the global economy has affected India and though the Government is trying its best to overcome the present difficult times, it is the duty of each one of us to use the hydrocarbon fuels prudently and in most efficient way.

Speaking at a function here, Deora said unless we adopt such technologies which help us to increase fuel efficiency leading to conservation of the fuels, it would be enormously difficult for us to sustain this level of growth.

"For oil and gas sector, the present time is certainly both challenging and demanding. Our country has been witnessing a growth rate of over eight per cent over a period. This has led to increase in energy demand it cannot be sustained unless we adopt better technologies and rational approach in use of hydrocarbon fuels," he added.

He further said that the high crude oil prices in recent past particularly in the last two years have severely impacted national economy. Though, currently we have witnessed fall in prices of crude oil, the under-recoveries of the Public Sector Oil Marketing Companies are still very high due to weakening of rupee.

"As on date, the under-recoveries of the Oil Marketing Companies on petrol, diesel, kerosene and LPG amongst to over Rs.1, 50,000 crore," he said.

"Out of this, the under-recovery on diesel alone is approximately Rs.1, 00,000 crore", he added. (ANI)