The government has no plans to raise petrol and diesel prices, a senior official said on Tuesday, dismissing speculation of a hike after polling in West Bengal ends on April 29, even as global crude prices continue to surge.
“There is no proposal to increase petrol and diesel prices,” Sujata Sharma, joint secretary, ministry of petroleum and natural gas, said at a news briefing, rejecting reports of a post-election price revision.
The clarification comes amid reports of panic buying in several states, triggered by speculation of imminent price hikes. “We have seen panic buying in some places. We are in continuous contact with state governments… all retail outlets are being monitored and supplies are being prioritised,” Sharma said.
In Andhra Pradesh, rumours of a price increase led to panic buying in multiple towns, with over 400 petrol pumps reportedly running dry on Sunday. The Petroleum Ministry said demand at some outlets surged by 30–33% due to panic buying.
Sharma, however, assured that fuel availability remains adequate. “We have enough supplies of LPG, petrol and diesel. Prices are stable and there has been no increase in rates,” she said, urging consumers to avoid panic buying.
Retail fuel prices have remained unchanged for a record fourth year, despite crude oil prices rising over 50% in the past two months due to escalating tensions in West Asia.
The government’s position comes even as state-run fuel retailers incur losses of about ₹2,400 crore per day amid a sharp rise in global crude oil prices, reflecting mounting pressure on oil marketing companies (OMCs).
The financial strain is significant, with Sharma stating earlier that retailers are incurring losses of about ₹20 per litre on petrol and ₹100 per litre on diesel, as domestic prices remain below market-linked levels.
Petrol is currently priced at ₹94.77 per litre in Delhi, while diesel costs ₹87.67 per litre.