Concerns about a possible sharp rise in petrol and diesel prices recently spread quickly across social media and news platforms, leaving many people worried that fuel could soon become much more expensive. The speculation suggested that prices might jump by ₹25 to ₹28 per litre after the ongoing assembly elections end. However, the Indian government has now stepped forward to clarify the situation and dismiss the reports as misleading.
The Ministry of Petroleum and Natural Gas issued a clear statement saying that there is no proposal under consideration to increase petrol or diesel prices. The ministry described the circulating reports as “mischievous and misleading,” adding that they appear designed to create unnecessary panic among citizens.
The rumours gained attention after a market note by Kotak Institutional Equities suggested that fuel prices could see a steep rise once polling ends in states like West Bengal on April 29. The report estimated that prices might increase if international crude oil stays near $120 per barrel. That projection quickly triggered widespread discussion online, with many people fearing that fuel costs would spike immediately after the elections.
Government officials, however, have pushed back strongly against this claim. According to the Oil Ministry, there is currently no plan being discussed to revise petrol or diesel prices. The ministry also highlighted that India is among the few countries where fuel prices have not been increased in the past four years despite significant fluctuations in global crude oil markets.
At present, petrol in New Delhi is priced at ₹94.77 per litre, while diesel costs ₹87.67 per litre. Officials say the government and public sector oil companies have taken multiple steps over the years to shield Indian consumers from sudden spikes in global oil prices.
The speculation comes at a time when the international oil market has been experiencing strong volatility. Tensions in the Middle East have played a major role in pushing crude prices higher. The situation escalated earlier this year after military tensions involving Iran, the United States, and Israel intensified, sending shockwaves through global energy markets.
Another major concern is the Strait of Hormuz, one of the world’s most crucial oil shipping routes. Nearly one-fifth of the world’s daily oil supply passes through this narrow waterway. For India, the route is especially important because around 40% of the country’s crude oil imports move through this corridor. Any disruption there can quickly affect global oil supply and prices.
Earlier this year, crude oil prices surged from around $70 per barrel to nearly $119 before easing slightly. Even now, Brent crude — the world’s most widely tracked benchmark — continues to hover around $103 to $106 per barrel.
Despite this sharp increase in global crude oil costs, petrol and diesel prices in India have remained largely unchanged. Government officials say this reflects the efforts of policymakers and state-run oil companies to keep domestic fuel prices stable and protect consumers from the full impact of international market swings.
For now, the government’s message is clear: there is no immediate plan to raise fuel prices, and the rumours circulating about a massive hike after elections are not based on any official proposal.