New Delhi: As Prime Minister Narendra Modi appealed to citizens to curtain the use of petrol diesel, anticipations are high about the possible price hike of fuel in the near future.
On Sunday, speaking in Telangana's capital Hyderabad, PM Modi appeals to curtail use of petrol and diesel, use public transport where possible, and car pool as much as possible amid the conflict in the West Asia.
"In the crisis we face today, we must also place great emphasis on conserving foreign exchange. Because petrol-diesel has become so much more expensive in the world, prices have risen several times higher than before," PM said.
"Therefore, it is our collective responsibility to save the foreign exchange spent on purchasing petrol-diesel; by conserving petrol-diesel, we must also preserve that currency. For this, even our small efforts can reatly help the nation," he added.
Current prices of petrol and diesel:
According to the Goodreturn market news website, on May 11, the petrol price stands at Rs 94.77 per litre while the price of diesel is 87.67 per litre in New Delhi with no change recorded from yesterday.
The rate has remained unchanged in New Delhi for the past 12 months in a row, keeping the price steady since 11th May 2025.
Going further, Modi urged every Indian to remain united in times of global challenges and contribute towards strengthening the country through conscious everyday choices.
He highlighted the importance of reducing fuel consumption, supporting Made in India products, promoting natural farming, and saving valuable foreign exchange for the nation.
Soon after his remarks, social media users started anticipating an upcoming price rise of fuel.
A social media user named Akshit wrote, "Modi's appeal seems like a warning for something worse!"
https://x.com/CaptainGzb/status/2053550555277238668?s=20
Another user wrote, "So petrol and diesel prices will go up by 5/- for sure. Most likely effective from May 15. Also, gold reference means rupee is likely moving towards 97 by June 15 and the war will be raging on for eternity."
https://x.com/pv_ram190494/status/2053525311917379838?s=20
However, the Ministry of Petroleum and Natural Gas has been repeatedly been rejecting anticipations, claiming that there is no such proposal under consideration by the Government.
"Such news items are designed to create fear and panic amongst the citizens and are mischievous and misleading. In fact, India is the only country where petrol and diesel prices haven’t increased in the last 4 years. Govt of India and Oil PSUs have taken relentless steps in order to insulate the Indian citizens from steep increases in international prices," the Ministry said in an X post on April 23.
According to Petroleum Minister Hardeep Singh Puri, Oil Marketing Companies (OMCs) are buying crude, gas and LPG at higher cost, but in order to protect consumers.
In a tweet he added that the OEMs are selling final products at lower cost leading to massive mounting losses of upto Rs 1,000 crore per day. However, the OMCs have ensured uninterrupted energy imports and supply.
"We have managed to protect the more than 60 million consumers who visit the retail stations everyday. Still further, Modi govt reduced excise duties on retail fuel and saw revenue losses of Rs 14,000 crore in a month," Puri added.
Puri further added that even after this decision, estimated OMC under-recoveries during this quarter itself are expected to surge to Rs 2,00,000 crores and losses are expected to be around Rs 1,00,000 crores.
Ends.
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