3.7 per cent level in the current financial year.
Chidambaram also wanted oil companies to be "encouraged to import crude oil from Iran in greater quantities and their imports from Iran be reviewed regularly".
As US and western sanctions have blocked all payment routes, India pays Iran in rupees in a Uco Bank branch in Kolkata. Buying more oil from Iran would mean it pays more rupees than dollars it has to pay to other sellers.
Moily's other measures included asking state-owned oil firms to keep crude imports at 2012-13 level of 105.96 million tonnes that will save USD 1.76 billion in foreign exchange.
The mega fuel conservation campaign to limit its consumption growth to last year's 4.1 per cent level is projected to help save another USD 2.5 billion and prop up the rupee, which has slid sharply against the US dollar this fiscal.