SUMMARY

Ahead of an expected price hike Prime Minister Narendra Modi said that, in the wake of the West Asia crisis, petroleum products need to be used with restraint. Speaking at an event in Hyderabad, PM Modi said imported petro products should be used only as required, as this would save foreign exchange and reduce the adverse impact of war.

Despite high global crude prices averaging over $100/barrel (Indian basket at $99.69) in May), retail petrol and diesel prices remain stable. Oil Marketing Companies (OMCs) are absorbing fluctuations.

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PM Modi said that over the past few years, India had reached a place among the top countries in the world in solar power and that unprecedented work had been done in ethanol blending in petrol.

He said the government had first focused on 100% LPG coverage and was now focusing on the economic supply of piped gas, while also promoting a CNG-based system. Because of these efforts, he said, India was dealing with the major energy crisis in the world.

"But, today, the need of the hour is also to use petrol, gas, diesel and such things with great restraint. We have to use imported petro products only as per need. This will not only save foreign exchange but reduce the adverse impact of war," he said.

"Gold purchases are another area where foreign exchange is used extensively... In the national interest, we must resolve not to purchase gold for a year, no matter how many functions we have scheduled at home..." he added.

At the same event, Modi assured support from the Centre for Telangana's development and said the state and the Centre should work together towards the goal of Viksit Bharat 2047. Chief Minister A Revanth Reddy, in his address, sought the Centre's support for the state's development proposals, including metro rail expansion, the Future City project and Musi rejuvenation, and said Telangana aimed to become a $3 trillion economy by 2047.

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Referring to Revanth Reddy's remarks that there should not be politics in development efforts, Modi said he would also not talk politics. Assuring the Centre's support to Telangana, he asked the Chief Minister to join him in the development journey. "I would tell Revanth ji. I am ready to give you as much as the Centre gave to Gujarat during 10 years rule. But, as per my information, I will tell you. The moment I do that, what you are getting would become half. You will not be able to reach where you want to reach. That's why, it is better you join with me," he said.

He said the country's development was not possible without the development of states and called for collective efforts to achieve Viksit Bharat 2047. He also said reforms were being carried out at speed and modern infrastructure was being built. He said he wanted to assure every family in Telangana that the Centre would continue to work "with greater speed to realise your dreams".

Earlier, Revanth Reddy said the Centre should support Telangana's development initiatives, including the expansion of the metro rail network, the Future City project and Musi rejuvenation. He sought two hours from Modi to review the state's development proposals. He said the state government had announced the Telangana Rising 2047 vision in line with the Centre's Viksit Bharat 2047 goal and that Telangana aimed to become a $3 trillion economy by 2047.

During the event at the Hyderabad International Convention Centre, attended by Governor Shiv Pratap Shukla, Chief Minister Revanth Reddy, Union Ministers G Kishan Reddy and Bandi Sanjay Kumar, and other leaders, Modi virtually launched projects worth around Rs 9,400 crore.

Published on: May 10, 2026 8:42 PM IST