Daijiworld Media Network – New Delhi
New Delhi, Apr 29: The Centre on Tuesday dismissed speculation of a post-election increase in petrol and diesel prices, asserting there is no proposal to raise fuel rates after polling concludes in West Bengal.
The clarification came amid rising global crude oil prices and reports of panic buying in parts of the country, particularly Andhra Pradesh, where rumours of a possible hike triggered long queues at fuel stations.
According to reports, over 400 petrol pumps reportedly ran dry on Sunday as demand surged sharply at several outlets.
Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said the government was closely monitoring supplies and coordinating with state governments to prevent shortages.
“We have seen panic buying in some places. All retail outlets are being monitored and supplies are being prioritised so that stock availability is ensured,” she said.
Rejecting speculation of any revision in rates, Sharma said there was “no proposal” to increase petrol and diesel prices and urged people not to fall for rumours.
The government maintained that the country has adequate stocks of petrol, diesel, LPG and aviation turbine fuel to meet demand and said retail fuel prices remain stable.
The assurance comes even as pressure mounts on state-run oil marketing companies, which are reportedly incurring substantial losses while selling fuel below market rates.
Officials said rising global crude prices have added to concerns, with oil prices climbing sharply over the past two months amid geopolitical tensions in West Asia and disruptions in the Strait of Hormuz.
Crude prices, which hovered around USD 70 per barrel last year, have reportedly averaged above USD 114 this month.
Despite the surge, petrol and diesel prices in India have remained unchanged since April 2022. In Delhi, petrol is currently priced at Rs 94.77 per litre, while diesel costs Rs 87.67.
The government’s statement is expected to ease concerns over a possible fuel price shock following the conclusion of polling.