- Government denies considering petrol, diesel price hikes.
- Ministry labels price increase reports as fake news.
- Fuel prices stable domestically for four years.
Petrol, Diesel Price Hike: There will be no hike in petrol or diesel prices, the government clarified on Thursday. In response to recent reports suggesting a sharp surge ahead in fuel prices after elections, the Ministry of Petroleum and Natural Gas took to social media and refuted the claims.
In a post on X, the ministry said there is ‘no proposal under consideration to increase petrol and diesel prices’, calling such reports ‘fake news’ and labelling them as ‘misleading’.
The clarification comes after a brokerage report flagged the possibility of a significant hike, citing rising crude oil prices and mounting losses for refiners.
Govt Says No Proposal Under Consideration
In an official statement, the ministry said, “Such news items are designed to create fear and panic amongst the citizens and are mischievous and misleading.”
It further emphasised that India has not seen a rise in retail petrol and diesel prices in the last four years, attributing this to continued efforts by the government and oil public sector undertakings (PSUs) to shield consumers from global price volatility.
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.
Such news items are designed to create fear and panic amongst the citizens and are mischievous and… pic.twitter.com/yTAfJdah2o— Ministry of Petroleum and Natural Gas #MoPNG (@PetroleumMin) April 23, 2026
Market Concerns Trigger Speculation
The speculation around a potential price increase had been driven by concerns over rising crude oil prices, which are hovering around $120 per barrel, and the widening gap between global input costs and domestic retail prices.
The report, released by brokerage Kotak Institutional Equities, pointed to increasing financial pressure on oil marketing companies (OMCs), suggesting that prolonged under-recoveries could eventually necessitate price adjustments.
The analysis further projected that fuel prices could rise by as much as Rs 25-28 per litre, reflecting mounting pressure on refiners amid elevated crude oil prices.
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Refiners Under Pressure, But Policy Stands
Industry estimates indicate that state-run refiners are currently facing substantial losses due to elevated crude prices and unchanged retail fuel rates. However, the government’s stance suggests that any immediate price revision is not being considered.
Measures such as excise duty cuts and export-related interventions have been used in the past to manage price pressures, though the current focus appears to remain on maintaining price stability.
Global Oil Dynamics Remain Key
The broader context for the debate lies in global oil market volatility, particularly due to tensions in West Asia and disruptions around key supply routes such as the Strait of Hormuz.
These developments have pushed up crude prices and increased uncertainty around supply, influencing domestic discussions on fuel pricing.
While concerns around rising input costs persist, the government has reiterated its priority of protecting consumers from sharp increases in fuel prices.
For now, the government has firmly dismissed any talk of a fuel price hike, calling such reports inaccurate and misleading. However, with global crude prices remaining elevated, the issue of fuel pricing is likely to stay in focus in the coming months.
