The ministry of petroleum and natural gas on Thursday dismissed reports of a possible hike in petrol and diesel prices, calling them “fake news” and aimed at creating unnecessary panic among citizens.In a post on X, the ministry 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.”The ministry further warned that such reports are “designed to create fear and panic amongst the citizens” and described them as “mischievous and misleading.”

Government stresses price stability despite global volatility

Highlighting its track record, the ministry said India remains an exception globally when it comes to fuel price stability.“In fact, India is the only country where petrol and diesel prices haven’t increased in the last 4 years,” the post stated.

The government also underlined efforts taken to shield consumers from global energy shocks, particularly amid ongoing geopolitical tensions that have pushed up international crude oil prices.

Measures to cushion global impact

The ministry said the Government of India and public sector oil companies have taken “relentless steps” to protect citizens from steep increases in international fuel prices.As part of these efforts, the Centre had earlier stepped in to cushion both consumers and oil companies from a sharp spike in crude prices, which surged 62% in a month for Indian refiners.The government cut excise duty on petrol and diesel by Rs 10 per litre each, even as fuel retailers like Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum were incurring losses of about Rs 24 per litre on petrol and Rs 30 on diesel.To offset revenue losses, the government imposed export duties of Rs 21.5 per litre on diesel and Rs 29.5 per litre on aviation turbine fuel, while also introducing a windfall tax.As per statements by Nirmala Sitharaman, the move aimed to ensure stable domestic prices despite global volatility, even as it created a significant fiscal burden. Officials noted that while the excise cut led to revenue losses of over Rs 7,000 crore, the export tax helped partly compensate for it.