Moily slams Modi govt for cold-shouldering UPA initiative on strategic oil reserves

Former oil minister M Veerappa Moily on Thursday slammed Modi government for cold-shouldering Congress-led UPA regime's steps such as building strategic oil storages for the energy security of the country, saying the present government is trigger happy in giving statements.

With petrol and diesel prices rising for the third consecutive day on Thursday as a fallout of volatility in international oil markets caused by devastating attacks on Saudi facilities, Moily in a statement said the UPA had envisaged such price shocks and build strategic oil storages at three places and two more were in pipeline.

"The present government has been going on snail pace in taking measures during the last six years to utilise these facilities (when faced with price volatility)," he said. "This is criminal neglect on the part of the oil ministry."