The Prime Minister has said that any fresh subsidies for oil marketing companies to bring down fuel prices would only increase the government's budgetary burden, which eventually could aggravate the inflationary pressures even further. Dr. Manmohan Singh said this during his interaction with journalists while returning from the SAARC summit in Maldives. He said that one of the reasons for inflation becoming a major problem that concerns everybody is the rise in prices of fuel products. He said that 75 per cent of the country's total petroleum product requirements was imported and the government had no control over international prices beyond a point.State-owned oil firms recently hiked the petrol price by 1.80 rupee per litre, the fourth increase this year, largely because of rising international crude prices and fall in the rupee valuation.
News On AIR | November 13, 2011 8:13 PM
Fresh subsidies for lowering fuel prices to increase budgetary burden: PM