'Nation will overcome this crisis'; PM Modi reiterates seven appeals to Indian citizens

NEW DELHI: The central government clarified that the Prime Minister's call to postpone gold purchases for a year and use public transport to save fuel is to provide a safety net for the economic sector. Meanwhile, speculations of a five-rupee hike in petrol and diesel prices also surfaced. With crude oil prices continuing to hover above 100 dollars per barrel due to the West Asian conflict, PM Modi in Hyderabad on Sunday proposed seven suggestions to prevent a sharp decline in foreign exchange reserves and control the depreciation of the rupee. PM Modi repeated the same suggestions in Vadodara, Gujarat, on Monday.

The Prime Minister encouraged work from home culture, online meetings, and control fuel, gold and jewellery consumption, similar to how people did during the Covid period.

On Monday, a ministerial meeting was held under the chairmanship of the Defence Minister to review the situation. The Defence Ministry issued a press release clarifying that there was no fuel shortage in the country.

Currently, there is no shortage of oil and LPG. There is a reserve of 60 days of crude oil and natural gas. There is also a stock of 45 days of LPG. Defence Minister Rajnath Singh appealed to the people not to fall for the rumour. Sujatha Sharma, Joint Secretary, Ministry of Petroleum, stated that oil companies are losing over Rs 1,000 crore every day.

LPG subsidy to be cancelled if family annual income is above Rs 10 lakh. Oil companies started the process of matching income tax records. SMSes have been sent to consumers. If the income is within the limit, they must reply within seven days. Otherwise, the subsidy will be cancelled. It has now been made mandatory for those who book cylinders to provide the verification code sent by oil companies to the delivery agent. The aim is to prevent black marketing.

Reducing fuel imports will save $45 billion annually in foreign exchange reserves.

Brent crude is at $103 per barrel. Oil companies are losing sales of Rs 1,700 crore per day. Working from home and online meetings will reduce fuel consumption. Reducing the consumption of gold, crude oil and edible oil by 10 per cent will save $22.65 billion in the total import bill. Last year, gold worth $72 billion was imported. Reducing the consumption of edible oil can save $1.95 billion. Reducing the use of fertilisers by 50 per cent will save $7.3 billion.