New Delhi: The Centre on Thursday rejected reports suggesting a steep increase in petrol and diesel prices after upcoming assembly elections, stating that no such proposal is under consideration.
In a clarification, the Ministry of Petroleum and Natural Gas said that recent media reports hinting at a ₹25–28 per litre hike were “mischievous and misleading” and aimed at creating unnecessary panic among citizens.
The statement came after a report by Kotak Institutional Equities projected a possible surge in fuel prices, linking it to global crude oil levels hovering around $120 per barrel and suggesting the hike could follow the conclusion of elections in states such as West Bengal.
The ministry emphasised that India has not seen any increase in petrol and diesel prices over the past four years, despite volatility in global oil markets. It added that both the government and public sector oil companies have taken consistent measures to shield consumers from sharp international price fluctuations.
Global crude prices have risen significantly in recent months amid geopolitical tensions, particularly following the US-Israel strikes on Iran and Tehran’s retaliation, which disrupted movement through the Strait of Hormuz—a key global oil transit route. Prices had surged from around $70 per barrel to nearly $119 before moderating slightly, with Brent crude currently trading between $103 and $106 per barrel.
Despite the rise in input costs, domestic fuel prices have remained stable. In Delhi, petrol is priced at ₹94.77 per litre, while diesel costs ₹87.67 per litre.
The government reiterated that there is no plan to pass on the global price burden to consumers at this stage.
