Prime Minister Manmohan Singh will have to immediately address issues like an increase in oil prices and appointment of about a dozen secretaries at the Centre along with ambassadors to the United States and the United Kingdom.

After the first Cabinet meeting of the new government today, secretaries of key ministries presented a must-do list to Singh. Sources said the new government might defer a decision on increasing oil prices.

"One of the options being considered is setting up of a price stabilisation fund to provide some sort of cushion to state-owned oil marketing companies," said a minister in the new government.

Global crude oil prices have shot up by over $6 a barrel since January with US light crude touching its 21-year high of nearly $42 a barrel and London Brent $39 a barrel.

Against this background, oil companies have been demanding an increase of Rs 4 and Rs 5 a litre in the prices of petrol and diesel, respectively.

The prices were last revised on January 1. The United Progressive Alliance government will also be required to fill key secretary-level slots falling vacant before July.