Petrol and diesel prices in India's domestic retail market remained stable on 29 April 2026, with marginal changes in Noida and Chennai.
While opposition claims that the stability in oil prices is temporary, the government indicated that domestic fuel prices are expected to remain unchanged for the near term despite continued turbulence in global crude markets.
Congress's senior leader Rahul Gandhi, who is also the Leader of the Opposition in Lok Sabha, took a jibe at the Modi government on Tuesday. The 55-year-old politician alleged that the Centre will soon increase prices of petroleum products, which have remained unchanged for a record fourth year.
In a post on X, he wrote, “Election relief over, inflation's heat is on its way! After 29 April, watch out - petrol, diesel, everything will get expensive. When oil was cheap, the Modi government pocketed the profits. Now that it's expensive, it'll dump the burden on you. A government that loots when it's cheap - leaving the public to bear the brunt of inflation.”
According to Gandhi, the government provided a cushion to domestic consumers despite a spike in global oil prices due to elections in West Bengal, Assam, Kerala, Puducherry and Tamil Nadu. Phase 2 polling is underway in West Bengal today, with results scheduled for 4 March.
Global oil prices have experienced significant volatility, surging 50% over the past two months due to the war in West Asia. Iran conflict with Israel and the United States began on 28 February, since then there has been energy crisis across the globe because of disruption in oil supply chain. The near blockade of the Strait of Hormuz, the strategic waterway through which 20% of global oil and liquefied natural gas exports pass, has driven up the price of Brent crude oil.
Dismissing speculation of petrol and diesel price hike after conclusion of West Bengal phase 2 polling today, a senior government official said that the authorities have no plans to increase rates. "There is no proposal to increase petrol and diesel prices," PTI quoted Ministry of Petroleum and Natural Gas Joint Secretary Sujata Sharma as saying. State-run fuel retailers are incurring heavy losses amid the widening gap between input costs and pump prices.
Brent crude oil registers gains
Amid reports that the US would continue its blockade of Iranian ports, oil prices climbed on Wednesday, extending their multi-day rally. Brent crude futures for June rose 52 cents, or 0.47%, to $111.78 per barrel, marking an eighth consecutive day of gains in the wake of expectations of prolonged supply disruptions in the key Middle East producing region.
