The Union Ministry of Petroleum and Natural Gas on Thursday rejected reports suggesting a sharp increase in petrol and diesel prices after the ongoing assembly elections, calling them “mischievous and misleading”.
In a statement posted on X, the ministry said there is no proposal under consideration to raise fuel prices. The clarification follows a report by Kotak Institutional Equities, which had projected a potential ₹25–28 per litre increase once polling in states such as West Bengal concludes on April 29, assuming crude oil prices remain elevated.
The ministry said such reports are aimed at creating unnecessary panic among consumers. It added that India remains among the few countries where petrol and diesel prices have not been raised in the past four years, despite significant volatility in global crude markets.
According to the government, both the Centre and public sector oil companies have taken sustained measures to shield consumers from sharp increases in international oil prices.
Fuel prices in India have remained unchanged even as global crude oil rates have surged in recent months. Petrol is currently priced at ₹94.77 per litre in New Delhi, while diesel costs ₹87.67 per litre.
Crude oil prices spiked sharply following escalating geopolitical tensions in West Asia, particularly after the US and Israel launched strikes on Iran in late February. In response, Iran disrupted movement through the Strait of Hormuz, a key global oil transit route.
The Strait of Hormuz handles nearly 20 percent of global oil supplies and accounts for about 40 percent of India’s crude imports, making it a critical energy corridor.
After initially surging from around $70 per barrel to nearly $119, crude prices had eased, but have again firmed up amid continuing tensions. Brent crude is currently trading in the range of $103–$106 per barrel.
Efforts to revive diplomatic engagement between the US and Iran remain uncertain. Reports indicate that a planned round of talks in Islamabad was put on hold after Iran showed reluctance to re-engage in negotiations.
While a ceasefire extension has been acknowledged, there has been no clear signal from Tehran on restarting formal discussions, keeping global energy markets on edge.
