Mumbai: Commerce and industry minister Piyush Goyal said on Friday that the limited increase in fuel prices reflects the extent to which the government has absorbed the increase in global oil prices. "Petrol and diesel prices have increased, but they have increased by only Rs 3 because the central government reduced its revenue by cutting Rs 10 in excise duty," Goyal said at an event in Mumbai.He said the government has also kept fertiliser prices unchanged despite an increase in cost."Today the cost of fertiliser is Rs 3,000, which is given to farmers at Rs 300 - 90% is subsidised by the central government so that no burden falls on India's farmers," he said.Also Read: India's exports hit record USD 863 bn despite global turmoil; on track for USD 2 trillion target by 2030: Piyush GoyalPrime Minister Narendra Modi earlier this week appealed to citizens to adopt voluntary austerity measures, including reducing consumption of imported commodities such as gold and fuel.Goyal said the Prime Minister's call was not an instruction but an appeal in national interest. "This is the time when there is a crisis, when we all tighten our belt, when we all improve our productivity and efficiency," said Goyal. "It is a great wake-up call, but nothing has been done compulsorily, everything is voluntary."On gold consumption, the minister said efforts are aimed at reducing import dependence and preserving foreign exchange, "even though we have sufficient reserves. We have $700 billion... enough to cover 11 months of imports". The IMF says anything above eight months is very good, he said. Separately, Goyal said the ministry is working on a co-location facility to bring offices under one roof, improve coordination and reduce fuel consumption, adding that operational efficiencies are being reviewed in collaboration with the National Productivity Council.Also Read: Goyal calls for aligning standards, customs procedures between India and Africa to boost bilateral tradeOn trade, he said progress continues on the proposed India-US deal, with most key terms already addressed."They (the US) have initiated a Section 301 inquiry against India. We are looking at holistic solution which will sort out 301 investigations," the minister said on US probes over forced labour and oversupply. "It will sort out opening of newer opportunities of export and import on both sides and give India preferential access to the US market."