Govt Denies Reports Claiming ₹28 Per Litre Hike in Petrol, Diesel Prices

The government on Thursday denied reports claiming a steep hike in petrol and diesel prices after elections in four states are over.

The Ministry of Petroleum and Natural Gas said that no such proposal was under consideration and termed the media report ‘fake news’.

“There are some news reports suggesting a price hike in petrol and diesel. It is hereby clarified that there is no such proposal under consideration by the government. Such news items are designed to create fear and panic among citizens and are mischievous and misleading,” the ministry said in a post on X (formerly Twitter).

A Kotak Institutional Equities report had suggested that petrol and diesel prices in India could see a sharp increase soon after the ongoing Assembly elections end on April 29.

It had estimated that the increase in fuel prices could be as high as Rs 25–28 per litre. Such a steep hike was anticipated to be implemented in phases. The projection was based on crude oil staying close to $120 per barrel.

However, the ministry said that the government has taken all possible steps to keep fuel prices stable amid the war in the Gulf region.

It said that India was the only country that did not see any rise in fuel prices after the war.

“In fact, India is the only country where petrol and diesel prices haven’t increased in the last four years. The Government of India and oil PSUs have taken relentless steps to insulate citizens from steep increases in international prices,” the ministry further said in the social media post.

The government had recently reduced excise duty on petrol and diesel by Rs 10 per litre while crude oil prices in international markets were hovering around $90 per barrel, almost 40 percent higher than pre-war levels.