Will Indian vehicle owners soon face a petrol, diesel price hike of ₹25-28 per litre? As reports suggest that a massive fuel price hike is imminent, the Indian Ministry of Petroleum and Natural Gas, in a X post, has issued clarification to consumers. The MoPNG said that the petrol, diesel price hike was ‘FAKE NEWS’ and insisted that the reports were “mischievous and misleading” reports specifically “designed to create fear and panic amongst the citizens.” This comes as global oil markets remain on edge from the ongoing US-Iran conflict.
Indian government seeks to reassure consumers
As panic continues to grip markets amid the ongoing Iran war, Indian authorities moved to contain a wave of misinformation about domestic fuel prices and supply, issuing back-to-back clarifications aimed at reassuring the public.
The Ministry of Petroleum and Natural Gas, in a post on X, labelled reports of an imminent petrol and diesel price hike as “FAKE NEWS.” The ministry said no such proposal was under consideration and called the rumours “mischievous and misleading,” designed to “create fear and panic amongst citizens.” It added that India is currently the only country where petrol and diesel prices have not increased in four years, pointing to “relentless steps” taken by the Government of India and Oil PSUs to shield consumers from “steep increases in international prices”.
Adequate fuel supply available
On the supply side, Indian Oil Corporation Limited moved to address concerns about fuel availability. IOCL’s Executive Director and State Head Ashutosh Gupta on Wednesday (Apr 22) told reporters that stocks across Jammu and Kashmir, Ladakh, Punjab, Himachal Pradesh and Chandigarh were at comfortable levels and that all refineries were operating at full capacity.
He said that depots and terminals in J&K and Ladakh currently hold around nine days of petrol stocks, 14 days of diesel and 11 days of LPG. Retail outlets also have an additional five days of petrol and diesel buffer. “Apart from this, all the retail outlets and the LPG agencies also have a stock which is typically varying from 5 days of petrol, diesel and 2 to 3 days of LPG stock,” Gupta noted.
In Punjab and the broader northern region, depot stocks stand at 12 days of petrol and 16 days of diesel, with retail outlets holding 13 days of petrol and six days of diesel, he noted.
Gupta also sought to contextualise the numbers. “Sometimes it gives you a feeling that the stock is only for 9 days or 15 days, but this used to be the stock even before the conflict time,” he said. “These are stocks which are regularly being recouped from the supply sources.” He insisted that these were in line with normal supply cycles.
The reassurances come as India navigates an increasingly complicated energy landscape. The country imports over 88 per cent of its crude requirements, with West Asia serving as one of its primary sourcing regions alongside Russia.
The disruption to the Strait of Hormuz since late February has pushed global oil prices well above $100 a barrel, with oil prices up by nearly 40 per cent since the war broke out.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.
