"The threats to Petroleum Ministers were aimed at thwarting decision-making, not otherwise. What I had said was there was "fear or anxiety" over undertaking large-scale oil exploration as there was "obstruction" to it," he said.
Moily said the economy would be hit severely if India continues to spend between Rs seven lakh crore to Rs eight lakh crore annually to import oil.
Under fire for proposing a steep hike in natural gas prices, Moily had said Petroleum Ministers were threatened by oil import lobbies to deter them from taking decisions that could cut the USD 160 billion import bill.
"I am telling you with all sense of responsibility (that) we are floating in oil and gas in this country. And we don't explore it. We put every obstruction not to do it. There is bureaucratic obstructions and delays."
"And also there are other lobbies. They don't want us to stop imports. There are some lobbies who are working on that. Every minister is threatened many a times. Every minister who occupies this position is threatened," Moily said.