Union Finance Minister Nirmala Sitharaman on Friday pointed to sharp fuel price hikes in Pakistan and electricity shortages in Bangladesh, while asserting that India has maintained stability in both prices and supply.
Addressing the Rajya Sabha, Sitharaman cited “reported developments” in Pakistan, noting a steep surge in fuel costs and conservation measures.
“What is happening in Pakistan? A 200% increase in high-octane fuel prices has been reported. Petrol and diesel prices have risen by around 20% overnight. Petrol is now being sold at 321 Pakistani rupees per litre. This is reported news, I am not sourcing it from elsewhere,” she said.
She added that “smart lockdowns” have been implemented in Sindh province to conserve fuel, restricting movement, gatherings and public events.
“According to reports, schools have been shut for two weeks, government offices have shifted to a four-day workweek, and private offices have been advised to move 50% of their staff to work from home,” the minister said, adding that markets and shopping centres in Pakistan are reportedly closing early.
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Turning to Bangladesh, Sitharaman said the country is facing power shortages impacting daily life. “All universities have been shut and shifted to online learning as there is no electricity. Five-hour rotational power cuts are happening in Dhaka. Fuel stations across the city are closed due to shortage of octane and diesel,” she said.
She clarified that her remarks were not intended to portray distress but to draw a factual comparison. “I am not saying this to suggest they are in distress or suffering… As a good neighbour, we are extending whatever help is being requested from our side,” she noted.
In contrast, Sitharaman emphasised that India has not seen similar disruptions.
“We are not doing any of this here… However, some leaders are spreading misinformation that there will be a lockdown. There is no possibility of a lockdown in India. Such rumours should be stopped,” she said.
The finance minister reiterated that petrol and diesel prices in India remain unchanged despite volatility in global crude markets triggered by the West Asia conflict. She said the government has cut excise duty to shield consumers and ensure adequate supply.
“The intention was twofold, that prices should not increase and that supply should remain sufficient so there is no shortage,” Sitharaman said, adding that the government is absorbing the global price shock.
She also underlined that the move was aimed at supporting oil marketing companies (OMCs), ensuring uninterrupted procurement and availability of fuel. “Prices are increasing abroad… but oil marketing companies should continue to buy and ensure our public gets the right quantity at the right time,” she said.
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Referring to the broader economic outlook, Sitharaman said the government remains cautious. “We shall be on our toes; keep fiscal stance carefully managed,” she said.
The minister also revealed that the decision to cut excise duty was taken following an emergency meeting convened by Prime Minister Narendra Modi on the occasion of Ram Navami, with ministries working overnight to finalise the move.
She reiterated that the government's priority remains insulating consumers from global volatility while ensuring uninterrupted fuel supply across the country.
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