Petrol, Diesel Hike Rumours False, Says Govt; Markets React to Global Tensions
Amid widespread speculation over a potential surge in fuel costs, the Ministry of Petroleum and Natural Gas has firmly denied any proposal to hike petrol and diesel prices by Rs 25–28 per litre after the assembly elections. In an official clarification issued on Thursday, the government dismissed such reports as misleading and aimed at creating unnecessary panic among citizens.
Highlighting its efforts over the past four years, the Centre stated that India has managed to shield consumers from sharp global oil price fluctuations through strategic interventions by oil public sector undertakings.
The clarification follows a report by Kotak Institutional Equities suggesting a possible price revision post-elections. Meanwhile, global oil markets remain volatile, with Brent Crude prices crossing the $100 per barrel mark amid escalating geopolitical tensions despite an Iran-US ceasefire.
The uncertainty has also impacted domestic equity markets, as the BSE Sensex and Nifty50 traded lower in early sessions due to weak global cues and sustained foreign fund outflows. The government’s reassurance aims to stabilize sentiment both among consumers and investors during a period of global economic uncertainty.
