PM on diesel price hike-India News and Travel Times Provides India-centric and other News and Features

Prime Minister Manmohan Singh on Saturday said that diesel price hike was a step in the right direction and expressed hope that economy would rebound in the second half of the current fiscal. Addressing the meeting of the full Planning Commission, which was called to approve the 12th Five Year Plan document here, Dr. Singh said: "The recent increase in diesel prices is an important step in the right direction." " Energy is a difficult area where our policy needs a comprehensive review. We are energy deficient and import dependence is increasing. It is vital for our energy security that we increase domestic production and also increase energy efficiency. Rational energy pricing is therefore critical. Our energy prices are out of line with world prices. The recent increase in diesel prices is an important step in the right direction," he added. The government had recently increased the price of diesel by Rs 5 a litre and capped the use of subsidised LPG cylinder to six in a year per family.

Diesel price hike a right step: Manmohan Singh