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Petrol-Diesel Price Hike: Will Petrol-Diesel Prices Hike After Elections? The government remained silent on the viral claims on social media

By Samira Vishwas

 

  • Will petrol-diesel prices increase?
  • The government remained silent on the viral claims on social media
  • An appeal not to believe rumours

Petrol-Diesel Price Hike News: of petrol and diesel Amid ongoing talks of a rate hike, the government has clarified that there are currently no plans to increase fuel rates. Dismissing rumors that fuel prices will rise after the polling process in West Bengal is over on April 29, the government said there is sufficient fuel stock available in the country. Also, the government has appealed to the public not to believe such rumours.

Rate stable for four years

At the retail level, petrol and diesel prices have remained stable for the fourth year in a row. Interestingly, this stability has persisted despite the over 50 percent increase in crude oil prices over the past two months due to ongoing conflicts in Middle-Eastern countries. As a result, state-owned oil companies are currently facing huge financial losses given the widening gap between the production cost of fuel and the retail price sold at the pump. According to some estimates, this daily loss has reached around Rs 2,400 crore. Due to this situation, there were talks that fuel rates will be hiked after the assembly elections in Tamil Nadu, West Bengal, Assam, Kerala and Puducherry. However, Sujata Sharma, joint secretary of the petroleum ministry, clarified that “no proposal to increase the rates of petrol and diesel is currently under consideration.”

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Clarification from Govt

The government has also taken serious note of the news of panic for fuel purchase in many states of the country including Andhra Pradesh. Sujata Sharma explained that in certain areas people had started buying extra fuel due to rumours. This strained the fuel supply chain and resulted in over 400 petrol pumps running out of fuel. Some regions even recorded a huge increase in fuel demand ranging from 30 to 33 percent. However, he assured that the status of all petrol pumps is being monitored and supply is being prioritized in areas where fuel is needed the most. This is ensuring that there will be no shortage of fuel in any area.

An appeal not to believe rumours

The government has asserted that adequate stocks of petrol, diesel, LPG and aviation turbine fuel (ATF) are available in the country and there is no shortage of fuel supply. It has also urged the public to completely ignore rumors and trust only official information. However, according to officials, state-owned oil companies are currently selling fuel at prices lower than prevailing market rates. This is putting a huge financial strain on these companies. Analysts had earlier hinted that petrol and diesel prices may increase by ₹25 to ₹28 per liter after the elections.

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