Pakistan increases petrol, diesel prices by PKR 55 per litre, highest-ever hike
Islamabad (PTI): In the first post-Iran war economic shock, Pakistan government in an overnight decision has increased petrol and high-speed diesel prices by PKR 55 per litre each, the highest-ever hike.
Addressing a press conference just before midnight, Petroleum Minister Ali Pervaiz Malik, Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb announced the hike with the consolation that the country has sufficient petroleum reserves.
As a result of the hike, the ex-depot price of high-speed diesel was fixed at PKR 335.86 per litre for the coming week, up by about 20 per cent from PKR 280.86 per litre.
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Likewise, the ex-depot price of petrol was revised to PKR 321.17 per litre from PKR 266.17 per litre, reflecting an increase of around 17 per cent.
Malik said at the presser that the conflict in the Middle East created uncertainty in the entire region, offsetting global energy supply and prices, the Dawn newspaper reported.
“The fire that started in a neighbouring country has spread across the entire region. We do not know how long this crisis will continue, and there is no clear timeline for its end,” he said.
He added that Pakistan was dependent on oil supplies passing through the Strait of Hormuz, which were affected by the ongoing conflict.
The minister said that the government was monitoring the supply side and warned of strict action against hoarding and artificial shortages of petroleum products in the country.
He also shared that two Pakistani oil vessels were coming through alternative routes.
Malik said the government would now review petroleum prices on a weekly basis in view of the volatile international market.
“As soon as the situation improves internationally, we will reduce prices at the same speed,” he added.
Earlier, Dar said global oil prices had increased by 50 to 70 per cent due to the crisis. “In many countries, prices increase automatically, but we tried to pass on the minimum possible impact to consumers and find a balanced solution,” he said.
Finance Minister Aurangzeb reiterated that Pakistan currently has “comfortable” petroleum reserves, and that the country’s economic situation remains stable. However, he stressed that policymakers would remain vigilant.
The Dawn also reported that the measure came after the government on Friday shelved a proposed national action plan that envisaged work from home and distance learning measures in response to a potential fuel crisis, and instead decided to keep normal activities unchanged for at least a week.
Ahead of the price hike, long queues formed at petrol stations across several cities as motorists rushed to fill their tanks to avail cheaper fuels.
Earlier, the decision to defer a proposed national action plan, including work from home and distance learning measures, was taken at a high-level meeting on petroleum product reserves, chaired by Prime Minister Shehbaz Sharif.
“The meeting decided that the plan for work from home and distance learning should be deferred for at least a week as current petroleum reserves are adequate to meet the country’s needs,” a source privy to the meeting told Dawn.
A day earlier, the government had in principle decided to begin weekly petroleum price revisions from March 8 and to implement fuel conservation measures amid possible supply disruptions due to the Middle East crisis.
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Karnataka bypolls: BJP criticism driven by ‘fear of defeat’, says CM Siddaramaiah
Bagalkote (Karnataka) (PTI): Karnataka Chief Minister Siddaramaiah on Saturday said the BJP’s criticism of the Congress government reflects a "fear of defeat" ahead of the April 9 bypolls.
He added that the state’s guarantee schemes are an investment in social commitment and inclusive development.
Speaking to reporters in Bagalkote, he expressed confidence that the Congress would win both bypoll-bound constituencies, adding that the campaign has received an unprecedented response, surpassing expectations.
The bypolls were necessitated by the demise of sitting Congress MLAs Shamanur Shivashankarappa and H Y Meti, who represented the Davanagere South and Bagalkote constituencies, respectively.
"We have provided schemes for people belonging to all castes, religions, and languages. The BJP is opposing the guarantee schemes out of fear of defeat, but these guarantees are an investment that delivers social commitment. This, too, is development," Siddaramaiah said.
The guarantee schemes are ‘Shakti’, ‘Gruha Lakshmi’, ‘Gruha Jyoti’, ‘Yuva Nidhi’ and ‘Anna Bhagya’.
He added that development is not limited to physical infrastructure.
"Development does not mean only roads, bridges, and buildings. It also includes providing economic and social security," he said.
The CM stated that the BJP has opposed welfare measures since their inception and rejected claims that the state’s finances are under strain.
Referring to remarks by PM Narendra Modi and others, he said, "They (BJP leaders) have been claiming that the state will go bankrupt. However, guarantee schemes have been in force for the past three years, and till March 24, 2026, Rs 1.31 lakh crore has been spent on them." He maintained that spending on key sectors has not been curtailed.
"While Rs 42,000 crore was spent last year, more than Rs 44,000 crore is being spent this year," Siddaramaiah said, adding that expenditure on irrigation, public works, rural development, drinking water, policing, and SCSP/TSP schemes has not been reduced.
Development works have not slowed down, he added.
Accusing the BJP of running a smear campaign, Siddaramaiah said that allegations of excessive borrowing were "false propaganda".
"Saying that I have taken excessive loans is a blatant lie. We have not violated the norms of the Fiscal Responsibility Act and have maintained fiscal discipline," Siddaramaiah said.
Further, the CM advised BJP leaders to properly read the Fiscal Responsibility Act.
"The fiscal deficit should be within 3 per cent of GDP, and debt within 25 per cent of GDP. Our debt stands at 24.94 per cent, so it has not exceeded the limit," he said.
Stressing adherence to fiscal norms, he added that no state can borrow indiscriminately, as borrowing limits are fixed by the Union Finance Ministry.
He also claimed that Karnataka’s economic performance is stronger than that of the Centre.
Stating that the Centre’s GDP growth is 7.14 per cent while Karnataka’s is 8.1 per cent, Siddaramaiah said the state has outperformed the union government.
Drawing a comparison on public debt, he said that during the tenure of former Prime Minister Manmohan Singh, and cumulatively since Independence, total debt stood at Rs 53.11 lakh crore, which has risen to Rs 218 lakh crore by March 2026.
He alleged that in the past 12 years, Prime Minister Narendra Modi alone has added Rs 165 lakh crore in debt.
The CM criticised the BJP’s track record in the state, saying it failed to deliver on its promises despite being in power for nine years.
"Out of 165 promises made in the Congress manifesto in 2013, 158 were fulfilled. The BJP has not even fulfilled 10 per cent of its promises. They should speak the truth before the people during elections instead of spreading lies," he said.
In addition, he urged the BJP to highlight its own achievements instead of criticising Congress.
"During my tenure, the quantity of rice under the Anna Bhagya scheme was increased, which the BJP government later reduced. It was the Congress-led central government that implemented the Food Security Act, the Right to Work, and the Right to Education," he said.
Taking a swipe at the opposition’s campaign strategy, Siddaramaiah alleged that the BJP had stooped to a low level by using expelled MLA Basanagouda Patil Yatnal for campaigning.
"They have resorted to such acts out of fear of defeat. We will not react to statements of the opposition; we will present the work of the government before the people," he added.
