New Delhi, Feb. 25 (PTI): The Economic Survey today criticised lack of market-determined pricing system for petroleum products and absence of competition, which constrains the otherwise robust performance of the oil economy.

?The lack of a well functioning market-determined pricing system, partly because of the lack of vibrant competition among companies with diversified ownership, continues to constrain the industry's performance,? the pre-budget report card of economy said.

While the country imports 70 per cent of its crude oil requirement, it is not only self-sufficient in refined petroleum products but also has an exportable surplus of such products. The import of petroleum products stood at 8 million tonnes in 2003-04 and 5.61 million tonnes during April-December 2004-05. Exports of petroleum products were 14.62 million tonnes in 2003-04 and 13.03 million tonnes in April-December 2004-05.

Despite the surge in international oil prices to $56 a barrel in the last week of October, moral suasion resulted in the first domestic retail selling price-revision for petrol and diesel in 2004 being postponed to June 16.

Total balance recoverable reserves of oil in the country, the survey said, was about 0.7 billion tonnes of oil and 0.9 billion tonnes of oil equivalent gas. The dependence on imported crude has led to focused attention on energy security and the new exploration licensing policy appears to be bearing good dividends.