Ecuadorian President Rafael Correa said Thursday he would continue government subsidies for oil and gas if reelected in upcoming elections.

While admitting the fuel subsidies were not the most efficient, Correa said in a radio interview that the measures served as a type of "social redistribution" and scraping them would bring "huge political liability" for the government.

"We are not going to eliminate the subsidies. We have not raised the prices of gasoline or gas and we are not going to," said Correa.

Correa, trained as an economist, said his government would take measures to cut the fund needed for subsidies, which cost the government about 2 billion US dollars a year.

The focus would be on the development of public transportation so as to save millions in fuel consumption, Correa said.

Incentives would also be offered for people to use electricity for cooking instead of fossil fuel after 2016, when the country is expected to become self-sufficient in clean and renewable energy as new hydroelectric stations currently under construction starts operation, he said.

Correa, in power since 2007, is the overwhelming favorite to win in the first round of voting on Feb. 17, as polls showed 61 percent voters supported him.

There are seven other candidates vying for the presidency, including former allies of the president.