Government Refutes Speculation on Fuel Price Hike

The government has officially dismissed the speculation about an imminent hike in petrol and diesel prices after the assembly elections, declaring no such proposal is in the pipeline. This clarification was made by the Ministry of Petroleum and Natural Gas in response to circulating reports hinting at a substantial increase in fuel costs.

These rumors gained traction following Kotak Institutional Equities' projection of a Rs 25-28 per litre hike, contingent on crude oil prices remaining near USD 120 per barrel. However, the Ministry labeled these forecasts as misleading and intended to instill unnecessary panic among the public.

Despite geopolitical tensions driving international oil prices up, the government has taken steps to maintain stable petrol and diesel rates in India, ensuring no increases over the past four years. Brent crude oil prices currently hover between USD 103-106 per barrel, yet the Indian government and oil PSUs continue to shield citizens from international market fluctuations.

(With inputs from agencies.)