In view of the rising prices of crude oil in the international market in the last few days, speculations about increase in the prices of domestic petrol and diesel had intensified. On various platforms—from social media to news media—claims were being made that the government may soon drastically increase fuel prices. However, now the government itself has put an end to all such reports. According to reports, the Ministry of Petroleum and Natural Gas has clarified that no proposal to increase the prices of petrol and diesel is currently under consideration of the government.
stop rumors
Official sources in the ministry said that the ongoing reports regarding possible increase in fuel prices are completely baseless and misleading. At present, the government is not working on any such scheme which will impose any additional financial burden on the common man. This clarification comes after reports claimed that oil marketing companies were being pressured to raise prices due to ongoing tensions in the Middle East (specifically, the Iran-Israel conflict).
Efforts to maintain stability amid global tension
Even though international Brent crude prices remain around $100 per barrel, the government’s stance is clear. According to the Petroleum Ministry, oil marketing companies (OMCs) have been instructed to adjust to international market fluctuations on their own for the time being. The main objective of the government is to control inflation in the domestic market. India has substantial strategic reserves of crude oil, which ensures that there will be no immediate shortage in supply.
Big relief for the common man
Stability in fuel prices simply means that the prices of freight charges, bus fares and everyday necessities (like vegetables, fruits and groceries) will remain stable. If the prices of petrol and diesel had increased, it would have had a direct impact on the entire supply chain of the country, causing inflation to go out of control.