The Ministry of Petroleum and Natural Gas denied on Wednesday that it is considering any proposal to raise Petrol and diesel prices. This response came after reports from domestic brokerage Kotak Institutional Equities, which estimated a possible increase of Rs 25 to 28 per litre after the Assembly elections on April 29.
India Petrol Prices Rise ₹25-28
“There are no such proposals under consideration by the Government. Such news reports are meant to create fear and panic among citizens. They are mischievous and misleading,” the Ministry stated.
The Ministry also pointed out that India is the only country where petrol and diesel prices have not gone up in the last four years. It noted that the government and oil public sector companies have taken steps to protect citizens from rising international prices.
The crude oil situation
The Strait of Hormuz has witnessed supply disruptions related to the West Asia conflict. Although Iran briefly permitted crude transit during a ceasefire, tensions have increased again. Kotak noted that despite a 13 to 15 % drop in import volumes, India’s crude import bill has risen by an estimated $190 to 210 million per day.
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