Amid rising tensions between the US and Iran—particularly over the Strait of Hormuz—and the simultaneous rise in crude oil prices, several reports had raised fears that domestic petrol and diesel prices might rise, possibly following the ongoing state assembly elections. The government has now issued a big statement on this matter, in which such reports have been clearly rejected. The statement made it clear that at present there is no proposal to increase fuel prices, nor is the government considering taking any such step.
‘This is completely fake news…’
On Thursday, the Ministry of Petroleum and Natural Gas issued a statement regarding reports of a possible hike in petrol and diesel prices after the state elections. The statement said that the ministry is not considering any such proposal. Furthermore, the statement termed these reports as “fake news”, adding that their sole purpose is to spread fear and panic among the citizens of the country.
The Petroleum Ministry also clarified the situation through a post on social media platform Twitter (now X). The post reads: “Fake News: Some reports have suggested a possible increase in prices of petrol and diesel; however, it is clarified here that no such proposal is currently under consideration by the government. These reports are intended to create panic among the public and are misleading.”
The ministry’s statement further emphasized that India is the only country where petrol and diesel prices have not been increased in the last four years. The Government of India and public sector oil companies have consistently taken steps to protect Indian citizens from the severe fluctuations and major increases in international oil prices.
Where did the news of price increase come from? According to a *Business Today* report, a brokerage firm had said in a note that following the ongoing state elections in India, petrol and diesel prices may rise by ₹25–28 per liter as higher crude oil prices put pressure on the country’s fuel pricing mechanism.
It is noteworthy that amidst the ongoing geopolitical tension between America and Iran, there is tension regarding the Strait of Hormuz. This important sea route serves as a medium for about 20 percent of the world’s total oil and gas consumption. The possible closure of the Strait of Hormuz due to the conflict has led to an oil and gas crisis in many countries, leading to a rise in prices of petrol and diesel in many countries. Despite these various global tensions, petrol and diesel prices in India currently remain stable. Petrol price in Delhi remains stable at ₹94.77 per litre, while diesel is priced at ₹87.67 per litre. Whereas in Mumbai this rate is ₹87.67 per liter.