New Delhi, India — April 28, 2026
The Ministry of Petroleum and Natural Gas has firmly denied speculation about a post-election hike in petrol and diesel prices, assuring consumers that no such proposal is currently under consideration.
The clarification comes amid widespread rumors suggesting that fuel prices would be raised immediately after the conclusion of voting in West Bengal on April 29. Officials moved quickly to dismiss these claims, calling them unfounded.
Government Dismisses Rumors, Urges Calm
Addressing the media, Joint Secretary Sujata Sharma stated that there is no plan to increase retail fuel prices, even as global energy markets remain volatile.
Her remarks helped ease public concern following reports of panic buying in parts of southern India. In states like Andhra Pradesh, several fuel stations reportedly saw a surge in demand, with some outlets temporarily running dry due to fears of an imminent price hike.
Officials confirmed that authorities are working closely with state governments to ensure uninterrupted supply and prevent shortages. Consumers were also urged to rely on official updates rather than unverified information.
Oil Price Surge Raises Financial Pressure
The government’s assurance comes at a time when global crude oil prices have risen sharply, increasing by more than 50% over the past two months due to escalating geopolitical tensions in West Asia.
The situation intensified following the Iran–Israel conflict escalation 2026, which disrupted key supply routes, including the strategic Strait of Hormuz—one of the world’s most critical energy corridors.
Fuel Prices Stable Despite Losses
Despite rising input costs, retail fuel prices in India have remained unchanged for nearly four years, with the last revision dating back to April 2022.
This price stability has come at a cost. State-run oil marketing companies are reportedly facing significant losses due to the widening gap between global crude prices and domestic retail rates. Estimates suggest daily losses running into thousands of crores.
Adequate Supply, No Shortage
The government reassured that there is adequate stock of petrol, diesel, LPG, and aviation turbine fuel (ATF) to meet domestic demand. Monitoring mechanisms have been strengthened to ensure smooth distribution across the country.
Currently, fuel prices in Delhi stand at around ₹94.77 per liter for petrol and ₹87.67 per liter for diesel.
Outlook
While global uncertainties continue to influence crude oil prices, the government’s stance signals a commitment to shielding consumers from immediate price shocks. However, analysts note that sustained pressure on oil companies could eventually require policy adjustments if global prices remain elevated.
