What is the Indian government's official stance on retail fuel prices amid recent panic buying?

The Indian government, through Joint Secretary Sujata Sharma of the federal oil ministry, has clarified that there is 'no proposal to raise pump prices for diesel and gasoline', urged motorists to 'avoid panic buying', and emphasized that 'there has been no increase in prices' and 'do not believe rumours'. She also confirmed that India has 'adequate supplies of liquefied petroleum gas, petrol, and diesel'.

Why have Indian fuel retailers not raised pump prices despite soaring global crude oil costs?

Indian refiners have deliberately refrained from raising retail pump prices for gasoline and gasoil for four years to 'shield consumers' from global market volatility, even as crude import prices rose to $120 per barrel — a surge that dented retailer margins and caused an 82% year-on-year decline in profit after tax for oil retailers in the March quarter, according to ICICI Securities; Reliance Industries also reported an 'unprecedented' supply disruption and 'sharp hit to profit' in its March-quarter earnings.

India douses fears of retail fuel price hike amid panic buying

Apr 28, 2026

India's government denied plans to raise fuel prices despite rising crude costs and panic buying, while analysts warn of potential hikes post-elections as retailers face margin pressures. Major refiners like Reliance Industries reported unprecedented supply disruptions and sharp profit declines.

reuters

2026-04-28

India douses fears of retail fuel price hike amid panic buying

India douses fears of retail fuel price hike amid panic buying

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