New Delhi: Breaking News! Prime Minister Dr. Manmohan Singh, who concluded his three-day official Saudi Arabia visit today, ruled out any rollback of fuel price hike, saying the Indian Economy has the capacity to absorb the increase without putting pressure on the inflation.

 

After the hike in excise duty on petro products, the petrol and diesel prices had gone up by between Rs 2.58 - Rs 3. The entire Opposition had protested the government's decision to hike the petrol and diesel prices.

 

Even the UPA allies Trinamool Congress and DMK had opposed to the fuel price hike and wanted a rollback, which was rejected by Union Finance Minister Pranab Mukherjee.

 

"Any increase in prices does hurt some people, but we have to take a long-term view", said the PM. He also said that the Opposition should not not have walked out during a budget speech.