The Ministry of Petroleum and Natural Gas said there is no current proposal to increase the prices of petrol or diesel in India [1].
This denial comes amid growing concerns over global oil supply disruptions and rising crude prices, which could impact transportation costs and fuel inflation across the national economy [2].
"There is no proposal to increase petrol or diesel prices at this time," a Ministry of Petroleum and Natural Gas spokesperson said [1]. The statement was issued on Thursday, Sept. 12, 2024, to debunk viral claims that rates would be hiked following state elections [1].
Despite the government's position, representatives from the transport sector expressed concern over the volatility of the global market. A senior leader of the Indian Truckers' Association said that diesel prices could surge by up to 10 rupees per litre [2]. This warning followed reports of supply risks near the Strait of Hormuz, a critical maritime corridor for oil shipments [2].
Truckers argued that the global oil crisis makes a price increase likely, even if the government has not yet formalized a policy change [2]. The transport sector remains sensitive to these fluctuations, as fuel costs are a primary driver of logistics expenses in India.
While the ministry maintains that no policy decision has been made, the contradiction between official statements and industry warnings highlights the tension between political stability and market realities. The government has not specified when it will next review fuel pricing in response to the crude price rise [1], [2].
“"There is no proposal to increase petrol or diesel prices at this time,"”
The disconnect between the Indian government's official denial and the warnings from truckers suggests a struggle to balance inflation control with global market volatility. Because fuel prices are politically sensitive, the government may be delaying price adjustments to avoid public unrest, even as supply disruptions near the Strait of Hormuz increase the cost of importing crude oil.
