Finance Minister Nirmala Sitharaman gave important information on the country’s economic situation and the crisis in West Asia in the Rajya Sabha on Friday, March 27, 2026. He said that worldwide crude oil prices have increased from $70 to $122 per barrel. There is severe fuel shortage and inflation in neighboring countries Pakistan and Bangladesh, but the Indian government is trying to save the citizens from this burden through its policies.
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How are the prices of petrol and diesel being controlled in India?
Sitharaman said that due to the ongoing war in West Asia, fuel prices have increased by 20% to 50% across the world. On the instructions of Prime Minister Narendra Modi, the Government of India has reduced the special excise duty on petroleum products. This has helped in reducing the direct impact of global inflation on the common man. Along with this, the government has formed ‘Informal Group of Ministers’ (IGOM) which is monitoring this crisis under the chairmanship of Defense Minister Rajnath Singh. Active supply lines have been maintained for energy security in the country.
What is India’s position compared to Pakistan and other countries?
Presenting the data, the minister said that there has been a huge increase in fuel prices in Pakistan. To save fuel, smart lockdown and four-day working week for offices have been implemented there. On the other hand, the situation in India remains stable and the government has termed the rumors of lockdown as completely baseless.
Country/region Fuel price increase Pakistan Up to 200% increase on high-octane oil South-East Asia 30% to 50% increase North America 30% increase Europe 20% increase African countries 50% increase
West Asia crisis and its impact on Indian diaspora
Since the conflict in West Asia started on February 28, the Indian government is ensuring the safe return of its citizens stranded there. So far, about 4,75,000 passengers have returned to India. External Affairs Minister S. Jaishankar has clarified that Iran has kept the route open for friendly countries like India to pass through the Strait of Hormuz, thereby maintaining energy supply. The Indian government is continuously making diplomatic efforts so that the oil supply is not disrupted and the migrants do not have to face any security related problems.