For the first five months of this year, oil imports increased by $2.3 billion from $1.8 billion despite the 8.6 percent decline in the demand for oil compared to the previous year.
The government has said that the looming oil price crisis will be more severe than 1974, 1979 and 1991 is certainly an issue far more important than politics, and its impact will hurt the entire nation.
In answer to the crisis, one of the steps being undertaken by the government is to tap the country’s indigenous and renewable energy sources - especially geothermal, hydro, solar and other alternative fuels for transportation. The government will also soon launch the Compressed Natural Gas (CNG) stations. Several units of CNG buses are now undergoing road testing.
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