Petrol-Diesel Price: After LPG, will the prices of petrol and diesel also increase? The government made it clear…

• Will the prices of petrol and diesel also increase?
• What does PIB explain?
• Will prices rise?

Petrol-Diesel Price: When the atmosphere is tense at the global level, its effect is visible everywhere. On the other hand, a fake document is currently going viral on social media, which claims that the Ministry of Petroleum and Natural Gas has ordered a hike in petrol prices by ₹10 and diesel prices by ₹12.50. However, PIB i.e. Press Information Bureau’s ‘fact check’ has rejected these claims.

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What does PIB explain?

The PIB has strongly clarified that the news is false and no such order has been issued by the government. PIB appealed to citizens not to share any such unverified or misleading news on social media.
Meanwhile, domestic LPG cylinder prices are expected to increase by ₹40 to ₹50 per cylinder in the near future, according to official sources. This hike in fuel prices will be the first major hike in nearly four years. In the international market, crude oil prices have recently increased significantly, reaching levels of $120 to $126 per barrel; Also they are still holding above the $100 per barrel level.

Will prices rise?

Meanwhile, India’s Chief Economic Adviser (CEA), V. Ananth Nageswaran warned that the combined effect of a below-normal monsoon and rising energy prices could lead to an “inflation spike” in the coming months. This will be a double whammy for families already burdened by rising petrol and diesel prices. Nageswaran identifies four distinct ways in which conflict in West Asia is affecting India: sudden changes in prices and supply, disruption of trade, increased transport costs, and reduction in remittances. He further warned that this crisis is not just a temporary storm.

A very challenging situation

He noted that India imports 60 percent of its LPG requirements, of which 90 percent is shipped through the now-disrupted Strait of Hormuz. He described the situation as “extremely challenging”. Last week, a senior official in the petroleum ministry revealed that despite the rise in international oil prices, state-run oil marketing companies are losing approximately ₹20 per liter on petrol and ₹100 per liter on diesel, as retail prices have remained unchanged for nearly four years.

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Petrol-Diesel Prices Today