PM addresses the Nation on Fuel Hike, looks to Future

Prime Minister Dr. Manmohan Singh addressed the nation to explain the necessity for a fuel price hike. Under fire from the opposition, Left allies and common people, the Prime Minister looked apologetic, but justified the hike, saying oil companies would not have sustained without a hike.

The PM has attributed the rising inflation to a steep rise in global crude oil prices. He said government was compelled to take this unpopular decision to save the country from an economic crisis. He also added that only 10% loss has been compensated by the fuel price hike and a lot is still to be covered. the PM admitted that oil production in India is very low and not sufficient to cater to the increasing demands.

In order to allay fears of an economic crisis from people's mind, Prime Minister Dr. Manmohan Singh has assured the country that India is one of the fastest growing economies in the world and it would continue to grow. He stressed on the need for a long-term strategy to achieve this goal.

The PM also urged people to spend less on petrol, diesel and LPG and conserve energy for our future generations. He requested the state government to reduce sales tax on petrol and diesel to bring down the oil prices. Dr. Manmohan Singh expressed confidence that food prices would be stabilised in the coming months.