He said the country needs a rational fuel pricing policy for which a wider political consensus needs to be built up.
Rising crude oil prices were threatening developing countries, he said.
Singh also highlighted the threat posed by rising global commodity prices, particularly food prices.
He however, expressed confidence that India will be able to sustain high economic growth despite several challenges including high crude oil and commodity prices.
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The government's aim was to contain inflationary expectations without hurting growth, Singh added.
The Indian economy grew 9.0 per cent in 2007-08 and the government expects it to grow by 8.5 per cent in 2008-09.
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