Indian government says there are no immediate plans to raise domestic petrol and diesel prices, even as global crude oil markets continue to climb sharply.

The Ministry of Petroleum and Natural Gas rejected reports suggesting that fuel prices could rise by ₹25 to ₹28 per litre following upcoming state elections, calling the claims misleading.

Posting on social media platform X, the ministry said no such proposal is under consideration.

Officials say public sector oil companies are currently absorbing significant losses due to the gap between international crude prices and domestic retail rates. Petrol is reportedly being sold at a loss of about ₹20 per litre, while diesel losses are estimated at around ₹100 per litre.

Despite the pressure, the government says retail fuel prices have remained unchanged for nearly four years, a period spanning back to April 2022.

The ministry noted that global crude oil prices have been volatile due to geopolitical tensions in West Asia, rising from about US$70 per barrel last year to over US$113 per barrel this month.

Joint Secretary Sujata Sharma said the government’s priority is to shield consumers from global price shocks.

“The effort has been to ensure that the burden does not fall on ordinary citizens,” she said.

The ministry also dismissed a report by Kotak Institutional Equities predicting post-election price increases, calling it “misleading” and “alarmist.”

Officials further claimed that India is the only major economy where fuel prices have remained stable over the past four years despite global volatility.

Separately, authorities noted that while international liquefied petroleum gas (LPG) prices have risen significantly, domestic cooking gas prices have fallen by about 17 per cent over the same period due to government interventions.