On 23rd April, the Ministry of Petroleum and Natural Gas categorically denied claims that there will be a sharp increase of Rs 25 to Rs 28 per litre in petrol and diesel prices after the Assembly polls are concluded. The government has stated that there is no such proposal under consideration. The clarification came amid speculation triggered by market projections linked to rising crude oil rates and a projection by Kotak Institutional Equities.
FAKE NEWS
— Ministry of Petroleum and Natural Gas #MoPNG (@PetroleumMin) April 23, 2026
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… pic.twitter.com/yTAfJdah2o
In a post on social media platform X, the Centre refuted the claims and called the reports making such claims “mischievous and misleading”. The government stated that such reports are designed to create fear and panic among citizens.
Calling it fake news, the ministry wrote, “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. In fact, India is the only country where petrol and diesel prices haven’t increased in the last 4 years. Govt of India and Oil PSUs have taken relentless steps in order to insulate the Indian citizens from steep increases in international prices.”
Market projection triggered speculation
The media reports appear to have stemmed from a projection by Kotak Institutional Equities which suggested that there could be a potential hike after the conclusion of ongoing Assembly elections on 29th April. The estimate was based on crude oil prices remaining close to $120 per barrel.
In an earlier statement issued on Wednesday, the ministry confirmed that all the refineries are working at full capacity and India has ample crude inventories. The government further stated that enough stock of petrol and diesel is being maintained across the country.
