The Petroleum Ministry refuted claims of an upcoming increase in petrol and diesel prices following the West Bengal and Tamil Nadu assembly elections. Addressing these reports as “mischievous and misleading,” the ministry clarified that no such proposal is being considered by the government. India stands out as the only country where petrol and diesel rates have remained unchanged over the past four years.
The government, along with oil PSUs, has been proactive in shielding citizens from significant spikes in global prices. Despite escalating tensions in West Asia and a surge in Brent crude oil prices due to the Strait of Hormuz closure, fuel prices in India have not budged, unlike in many other nations experiencing hikes of up to 85 percent. Recent industry data indicates a stark contrast between India and other countries, where fuel prices have surged this year, particularly on the diesel front amid geopolitical unrest.
Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, assured that domestic LPG supplies are stable, with no shortages reported at any distributor. Notably, the Indian-flagged crude oil tanker Desh Garima, carrying 31 Indian seafarers, safely reached Mumbai after crossing the Strait of Hormuz. Global oil prices saw an uptick due to stalled peace talks between the US and Iran, which have effectively closed the Strait of Hormuz. Brent crude traded higher at $103.35 a barrel, while West Texas Intermediate rose to $94.47 a barrel on Thursday.
