- The government denied reports of a petrol and diesel price hike after state elections
- The Ministry of Petroleum called reports suggesting price increases misleading and false
- Reports linked possible fuel price rises to global crude prices amid the Iran conflict
Petrol, Diesel Price Today: The central government has dismissed reports claiming a sharp rise in petrol and diesel prices after state elections in West Bengal, Tamil Nadu, Assam, and Kerala.
In a post on X, the Ministry of Petroleum & Natural Gas said there is no proposal under consideration to increase 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 ministry said. Follow Live Updates
The statement added that such reports are "mischievous and misleading" and designed to create fear and panic among citizens.
The clarification comes after multiple media reports, citing a brokerage note, claimed that petrol and diesel prices could rise by Rs 25-28 per litre after the conclusion of assembly elections in key states. The reports linked the possible hike to pressures from elevated global crude prices amid the Iran conflict.
However, the ministry has pushed back strongly on the claim. It said India is "the only country" where petrol and diesel prices have not increased in the last four years despite volatility in international markets.
According to the statement, the Government of India and oil public sector undertakings have taken "relentless steps" to shield consumers from global price shocks.
Retail fuel prices in India are revised daily by oil marketing companies. However, rates have largely remained unchanged for a prolonged period, even as global crude benchmarks fluctuated sharply due to geopolitical tensions.
Earlier, NDTV reported that state-run OMCs are incurring a heavy loss every day in order to shield consumers from price rise. According to industry analysts, these losses are set to drag quarterly results of the OMCs down.
Prathamesh Mallya, DVP Research, Commodities, AngelOne, estimates crude oil prices might move higher towards $100 till the time the negotiations between US-Iran-Israel continues.
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