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<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nThe ministry of petroleum and natural gas on Thursday dismissed reports of a possible hike in petrol and diesel prices, calling them \u201cfake news\u201d and aimed at creating unnecessary panic among citizens.In a post on X, the ministry said, \u201cThere are some news reports suggesting a price hike of petrol and diesel. It is hereby clarified that there is no such proposal under consideration by the Government.\u201dThe ministry further warned that such reports are \u201cdesigned to create fear and panic amongst the citizens\u201d and described them as \u201cmischievous and misleading.\u201d<\/p>\n Highlighting its track record, the ministry said India remains an exception globally when it comes to fuel price stability.\u201cIn fact, India is the only country where petrol and diesel prices haven\u2019t increased in the last 4 years,\u201d the post stated.<\/p>\n The government also underlined efforts taken to shield consumers from global energy shocks, particularly amid ongoing geopolitical tensions that have pushed up international crude oil prices.<\/p>\n The ministry said the Government of India and public sector oil companies have taken \u201crelentless steps\u201d to protect citizens from steep increases in international fuel prices.As part of these efforts, the Centre had earlier stepped in to cushion both consumers and oil companies from a sharp spike in crude prices, which surged 62% in a month for Indian refiners.The government cut excise duty on petrol and diesel by Rs 10 per litre each, even as fuel retailers like Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum were incurring losses of about Rs 24 per litre on petrol and Rs 30 on diesel.To offset revenue losses, the government imposed export duties of Rs 21.5 per litre on diesel and Rs 29.5 per litre on aviation turbine fuel, while also introducing a windfall tax.As per statements by Nirmala Sitharaman, the move aimed to ensure stable domestic prices despite global volatility, even as it created a significant fiscal burden. Officials noted that while the excise cut led to revenue losses of over Rs 7,000 crore, the export tax helped partly compensate for it.<\/div>\nGovernment stresses price stability despite global volatility<\/h3>\n<\/p>\n
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<\/div>\n<\/div>\nMeasures to cushion global impact<\/h3>\n<\/p>\n