Helpless govt had to hike fuel price: Prime Minister tells nation
Prime Minister Manmohan Singh today sought to temper down the feeling of people after the Centre announced hike in the price of petroleum fuels this morning.
New Delhi: Saying the government was 'helpless' and had to take the move given the current situation, Prime Minister Manmohan Singh today sought to temper down the feeling of people after the Centre announced hike in the price of petroleum fuels this morning. Addressing the nation this evening Singh said, "There is a gap of almost 90 per cent which still has to be bridged."In what sounded as a pre-electoral speech, the Prime Minister listed some of the Centre's social development programmes such as the 100 days job guarantee scheme for the entire rural India. He also spoke of the other initiatives of his four-year-old United Progressive Alliance (UPA) government in ensuring high economic growth, while asserting that the hikes allowed on Wednesday did not touch the average citizen's fuel - kerosene.
While listing the achievements of four-year UPA rule, the Singh said, "Our government is committed to ensuring that the impact of this global oil shock is minimal." "We wish to protect as large a section of our society as possible from its effects. This has been at great cost to government finances and to the economy as a whole," he added.
In a reference to escalating price of crude oil in the global market, the Prime Minister said, “Business cannot go on like this for ever. We need to learn to adjust to this new international scenario." Singh further added, "We need to pay economic cost of petroleum products. There are limits to which we can keep consumer prices unaffected by rising import costs. Our oil companies cannot go on incurring losses."
Earlier, after long deliberations at the Cabinet Committee on Political Affairs (CCPA) meeting at the Prime Minister's residence this morning, the government finally decided to hike the price of petrol by Rs 5/litre, diesel by Rs 3/litre and cooking gas-LPG by Rs 50 per cylinder.