Overview
- The petroleum ministry, which posted its clarification Thursday, said there is no proposal to raise petrol or diesel rates following a brokerage note that projected ₹25–28-per-litre hikes after April 29 polling.
- Joint secretary Sujata Sharma said state-run oil firms are absorbing under-recoveries of about ₹20 per litre on petrol and roughly ₹100 on diesel, referring to the gap between pump prices and import-aligned costs while retail rates have been largely frozen since April 2022.
- On March 27, the government cut excise duty on petrol and diesel by ₹10 per litre to hold pump rates steady, then imposed export levies to keep supplies at home.
- Officials linked the strain to disruptions near the Strait of Hormuz that have pushed Brent crude above $100 a barrel, widening the cost gap for India, which imports close to 90% of its oil.
- Industry data and police reports point to rising petrol and diesel theft since the West Asia conflict, with New Zealand police urging pre-pay pumps and UK forecourt monitors logging double-digit increases in incidents.