Hike In Petrol And Diesel Prices: No Proposal Yet

The Union Ministry of Petroleum and Natural Gas on April 23, 2026, said there is no proposal under consideration to increase petrol and diesel prices, rejecting reports suggesting a steep hike in retail fuel rates ahead of the upcoming assembly elections.

In an official statement, the ministry clarified that recent media reports indicating a possible increase of Rs 25–Rs 28 per litre are “misleading” and intended to create unnecessary panic among the public.

“In fact, India is the only country where petrol and diesel prices haven’t increased in the last four years. Government of India and oil PSUs have taken relentless steps in order to insulate the Indian citizens from steep increases in international prices,” the statement added,

The clarification follows a report by Kotak Institutional Equities, which projected a potential rise in fuel prices after the conclusion of polling in states such as West Bengal, citing elevated global crude oil prices nearing $120 per barrel.

Dismissing these claims, the ministry said the government is currently considering no such proposal.

It added that India has maintained stability in petrol and diesel prices over the past several years despite volatility in international oil markets.

The ministry further stated that the government and public sector oil marketing companies have taken measures to shield consumers from fluctuations in global crude prices, including absorbing cost pressures rather than passing them on to end users.

Fuel pricing in India is officially deregulated, with retail prices linked to international benchmarks. However, the government has periodically intervened through tax adjustments and other measures to moderate the impact on consumers.

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