Petro price hike unpopular, but unavoidable: PM
Under all-round attack for hiking the petroleum prices, Prime Minister Manmohan Singh on Wednesday said though unpopular, it is "inevitable" to ensure uninterrupted fuel supply.
"There are limits to which we can keep consumer prices unaffected by rising import costs. Our oil companies cannot go on incurring losses. This way they will have no money to import crude oil from abroad," the Prime Minister said in an address to the nation.
"I know that the price increases we have had to announce today will not be popular, even though they are only modest," Singh said his address explaining the circumstances which forced the UPA coalition government for a hefty fuel price revision.
The prime minister also appealed to the people to conserve energy. "Be it petrol, diesel, kerosene, LPG, electricity or even water-- let us learn to save and use efficiently. Let us reduce wasteful consumption of petrol."
But does this hike mean that oil companies will not incur losses now? Find out. . .
Image: Prime Minister Manmohan Singh will address the nation over fuel price hike. | Photograph: Prakash Singh/AFP/Getty Images
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