No Proposal to Raise Petrol, Diesel Prices, Says Oil Ministry

The government on Thursday dismissed reports suggesting a sharp increase of ₹25–28 per litre in petrol and diesel prices after upcoming assembly elections, clarifying that no such proposal is under consideration .

The Ministry of Petroleum and Natural Gas, in a post on X, said reports indicating an imminent fuel price hike were false, misleading, and designed to create panic among citizens . “There is no such proposal under consideration by the government,” the ministry stated firmly.

The clarification came after a report by Kotak Institutional Equities suggested a steep rise in fuel prices once polling in states, including West Bengal, concluded on April 29 . The report had projected a possible hike of ₹25–28 per litre, assuming crude oil prices remain near USD 120 per barrel .

Rejecting the speculation, the ministry termed such claims “mischievous” and said they distort facts around fuel pricing. It also highlighted that India has maintained relative price stability despite global volatility. “India is the only country where petrol and diesel prices have not increased in the last four years,” it said.

The government added that public sector oil companies have consistently taken measures to shield consumers from international crude oil fluctuations .

Global oil markets have been volatile due to geopolitical tensions. Prices surged after reported attacks involving the US and Israel on Iran on February 28 , followed by Tehran’s retaliation that disrupted key energy routes, including the Strait of Hormuz , a critical passage for global oil trade handling nearly a fifth of worldwide shipments.

Following these developments, crude oil prices jumped from around USD 70 per barrel to USD 119 , before partially correcting. Renewed tensions have since kept Brent crude in the range of USD 103–106 per barrel .

Despite the sharp rise of over 50% in global crude oil prices, domestic fuel rates in India have remained unchanged. In the national capital, petrol is priced at ₹94.77 per litre , while diesel stands at ₹87.67 per litre .