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‘Such news items are designed to create fear and panic amongst the citizens and are mischievous and misleading,’ says the petroleum ministry.
The government said India remains the only country where petrol and diesel prices have not increased over the last four years despite global energy volatility.
The government on Thursday dismissed reports claiming a possible increase in petrol and diesel pricescalling such speculation “mischievous and misleading”. The clarification came after reports cited Kotak Institutional Equities warning that petrol and diesel prices could rise by Rs 25-28 per litre as elevated crude oil prices continue to put pressure on refiners.
In a post on X, the Ministry of Petroleum and Natural Gas said there is no proposal under consideration to raise retail fuel prices. “FAKE NEWS. 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 stated.
FAKE NEWSThere 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
— Ministry of Petroleum and Natural Gas #MoPNG (@PetroleumMin) April 23, 2026
It further said such reports were aimed at creating unnecessary fear among citizens.
“Such news items are designed to create fear and panic amongst the citizens and are mischievous and misleading,” it added.
The ministry said India remains the only country where petrol and diesel prices have not increased over the last four years despite global energy volatility.
“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.”
What Kotak Had Flagged
Kotak Institutional Equities in its report has warned of a potential hike of Rs 25-28 per litre in fuel prices as elevated crude prices continue to pressure refiners.
The brokerage said state-run refiners were bearing an additional burden of nearly Rs 270 billion per month because of the widening gap between higher crude costs and unchanged retail fuel prices.
It also noted that the government’s earlier Rs 10 per litre excise duty cut and reimposition of windfall export taxes offered only limited relief, rather than a long-term solution.
Kotak further said any fuel price revision was unlikely before the completion of Assembly elections on April 29, citing political sensitivity around timing.
April 23, 2026, 11:41 IST
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