New Delhi : The Indian government on Thursday dismissed reports of a planned hike in retail petrol and diesel prices, labeling such claims as “mischievous” and designed to create panic among citizens.
The Ministry of Petroleum and Natural Gas (MoPNG) took to social media to clarify its stance following a research note from Kotak Institutional Equities, which suggested that fuel prices could see a sharp increase of ₹25 to ₹28 per litre once the ongoing state elections conclude on April 29.
‘No proposal under consideration’
“It is hereby clarified that there is no such proposal under consideration by the Government,” the Ministry said in a post. “Such news items are designed to create fear and panic… and are mischievous and misleading.”
The government highlighted that India is the only major economy where petrol and diesel prices have not seen a significant increase in the last four years. State-run Oil Marketing Companies (OMCs) have continued to absorb volatility even as Brent crude crossed the $103 mark on Thursday due to shipping disruptions in the Strait of Hormuz.
Brokerages like Kotak had pointed to the widening gap between international crude costs and domestic retail prices. Analysts suggested that with crude hovering near $120 earlier this month, OMCs are facing significant under-recoveries. However, the MoPNG emphasized that “relentless steps” have been taken by the government and Oil PSUs to maintain the current price levels.
Retail prices in the national capital remained unchanged on Thursday, with petrol at ₹94.72 and diesel at ₹87.62. In Mumbai, petrol continues to retail at ₹104.21 per litre.
