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| Indian Prime Minister addressing at the foundation stone laying ceremony of Integrated Refinery Expansion project of BPCL in Kochi |
Kochi: Indian Prime Minister Manmohan Singh on Monday said that the energy prices in the country are much below international prices and in order to bring
them in line with global prices, government must undertake a phased
rationalisation of energy prices and have to curb subsidies to achieve the goal
of rapid and inclusive development.
He was speaking at the foundation stone laying ceremony of
Integrated Refinery Expansion Project of BPCL in Kochi, India.
“Energy remains underpriced in our country, with coal,
petroleum products and natural gas prices well below international prices. To
meet our target of rapid, inclusive and sustainable development we must
undertake a phased rationalization of energy prices to bring them in line with
global prices,” Mr. Singh said in his speech at the function.
He said the central and state governments must work together
to create awareness among the public on the need for 'curbing' energy
subsidies.
The prime minister noted that to achieve the target of rapid
growth, India needs adequate supplies of energy at affordable prices.
“To achieve our target of rapid industrial and economic
growth we need adequate supplies of energy at affordable prices. Oil and gas
will continue to meet a very large part of our energy requirements for many
years to come,” he added.
Praising his government initiatives Mr. Singh said the government
of India remains committed to encouraging companies to undertake domestic
exploration for oil and gas.
The prime minister is here to inaugurate the 11th Pravasi
Bharatiya Diwas on Tuesday.