New Delhi: The Ministry of Petroleum and Natural Gas has firmly denied reports suggesting a sharp increase in petrol and diesel prices following assembly elections in key states, calling such claims “fake” and misleading.
In a post on X, the ministry clarified that there is no proposal under consideration to raise retail fuel prices. “FAKE NEWS. There are some news reports suggesting a price hike of petrol and diesel. It is hereby clarified that there is no such proposal under consideration by the Government,” the statement read.
Reports Termed Misleading
The ministry further stated that such reports are “mischievous and misleading,” aimed at creating unnecessary panic among citizens. The clarification comes after several media reports, citing a brokerage note, claimed that fuel prices could rise by ₹25–28 per litre after elections in West Bengal, Tamil Nadu, Assam, and Kerala.
These reports had linked the potential hike to rising global crude oil prices amid ongoing geopolitical tensions.
Government’s Stand on Fuel Prices
The ministry подчеркнул that India has managed to keep petrol and diesel prices stable over the past four years despite volatility in international crude markets. It credited coordinated efforts by the government and oil public sector undertakings for shielding consumers from global price shocks.
Retail fuel prices in India are revised daily by oil marketing companies, but rates have remained largely unchanged in recent times even as crude oil prices fluctuated.
Pressure on Oil Companies
Earlier reports had indicated that state-run oil marketing companies are absorbing significant losses to maintain stable retail prices. Analysts suggest that continued pressure from high global crude prices could impact their financial performance in upcoming quarters.
According to Prathamesh Mallya of Angel One, crude oil prices could rise towards $100 per barrel if geopolitical tensions, particularly involving the US, Iran, and Israel, persist.
No Immediate Change Expected
Despite market speculation, the government’s latest clarification indicates that there is no immediate plan to increase fuel prices, offering relief to consumers amid global uncertainty.
