Fuel Prices
No proposal to hike petrol, diesel prices under consideration, oil min says
This story was originally published at 12:09 IST on 23 April 2026
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--Oil ministry: No proposal of petrol, diesel price hike under consideration
--Oil ministry: News of petrol, diesel price hike post polls fake, misleading
NEW DELHI – Responding to chatter about a hike in petrol and diesel prices, the Ministry of Petroleum and Natural Gas Thursday clarified that there is no proposal under consideration. "Such news items are designed to create fear and panic amongst the citizens and are mischievous and misleading," the ministry said.
The comments were in response to a research report by Kotak Institutional Equities released on Monday, which said that after the state Assembly elections, and if there is no truce in West Asia, the retail prices of petrol and diesel will be hiked. "Based on Indian basket of $120/bbl and low fixed margins (US$8/15 per bbl for petrol/diesel), there is a case to raise prices by Rs25-28/litre," the report said. "However, political considerations will likely prevail, and actual hikes may be more modest," it added.
The ministry labelled this "fake" and reiterated that India is the only country where petrol and diesel prices have not increased in the last four years. "Govt of India and Oil PSUs have taken relentless steps in order to insulate the Indian citizens from steep increases in international prices," the ministry said in a post on X.
As such, India is facing one of the worst energy crises in decades in view of the war in West Asia. It has been exposed to energy supply and price shocks, given its dependence on countries in the Persian Gulf region for crude oil, liquefied petroleum gas, and liquefied natural gas supplies. Crude oil prices have surged to as high as $120 per barrel from $70 per barrel before the war. Although prices have cooled from the over-$115 per barrel range, it is currently around $102, still much higher than the pre-war period.
Despite the steep rise in oil prices amid the ongoing US-Iran war, retail prices of petrol and diesel in India have not changed, despite these fuel prices increasing globally. The government has taken various steps to cushion the high crude oil prices from being passed onto consumers, including cutting excise duty on petrol and diesel by INR 10 to INR 3 and zero, respectively. It also imposed export duties on diesel and aviation turbine fuel exports to ensure domestic availability.
Fuel prices tend to be at the centre of political propaganda given their far-reaching implications on the economy. Four states--Assam, Kerala, Tamil Nadu, West Bengal--along with the Union Territory of Puducherry, are in election mode this month, with counting of votes scheduled on May 4. End
US$1 = INR 94.09
Reported by Priyasmita Dutta
Edited by Ashish Shirke
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