In a stunning comment, oil minister M Veerappa Moily on Friday said petroleum ministers are "threatened" by import lobbies not to take decisions that will cut India's $160 billion oil imports.

Moily, who has been under attack from the CPI leader Gurudas Dasgupta for proposing to hike natural gas prices by 60 per cent, said he has been striving to attract investments in almost stagnant oil and gas exploration which will lead to higher domestic output and lesser reliance on imports.

"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.