The Petroleum and Natural Gas Ministry on Thursday refuted the claims that prices of petrol and diesel were going to rise by Rs 25-28 per litre, respectively, after the elections in West Bengal and Tamil Nadu were officially over. The ministry, while calling the reports fake, said, “There are some news reports suggesting a price hike of petrol and diesel.”
“It is hereby clarified that there is no such proposal under consideration by the Government. Such news items are designed to create fear and panic amongst the citizens and are mischievous and misleading,” the post on X read.
“In fact, India is the only country where petrol and diesel prices haven’t increased in the last 4 years. The Govt of India and Oil PSUs have taken relentless steps in order to insulate the Indian citizens from steep increases in international prices,” the post further read.
Earlier, some reports citing Kotak Institutional Equities claimed that the ministry was going to increase the prices of petrol and diesel by more than 25 per cent after the elections in two states.
“Petrol and diesel prices could rise by Rs 25-28 per litre after the ongoing Assembly elections, according to Kotak Institutional Equities. Prices have remained unchanged despite a surge in crude oil due to Strait of Hormuz tensions. This has increased pressure on refiners, with an estimated incremental impact of around Rs 27,000 crore per month,” Kotak said.
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