Prices of petroleum products may further ease within a fortnight assured Santosh Gangwar, state minister for petroleum and natural gas.

The state minister indicated that although there was severe volatility in crude oil prices, public oil companies have already absorbed them and now with the falling crude prices, 'there might be a further ease in the price of petroleum products.'

Gangwar told newspersons after inaugurating the first-ever exhibition of energy efficient products and technologies in India on Friday.

Claiming that India has enough petroleum products for over 45 days, Gangwar said the ministry was glued to the supply position across the country.

"In fact, we are getting enquiries from foreign companies to assist us in setting up storage facilities for petroleum products," Gangwar added.

Meanwhile, Gangwar said the government is moving in the right direction for conserving oil and has set up ethanol-blending units across the country.

"With the recent discoveries at Krishna Godavari basin, Cambay and Vasai, we will be able to meet part of our requirement," he added.

The petroleum import bill last year stood at Rs 78,000 crore (Rs 780 billion).

Earlier, P K Agarwal, director marketing of Indian Oil Corporation said: "The fossil fuels in India will last only 20-22 years and they are finite throughout the world. One should use it most efficiently."

He said the industry should press for conservation of fuels as it would help them cut costs as well reduce pollution.

Agarwal said prices of crude have consistently shot up from $2 a barrel in 1974 to $10 a barrel in 1980 and to $40 a barrel when Iraq occupied Kuwait. In 2003, the prices hovered around $33 a barrel.