Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
Jewellers in Lucknow protest Prime Minister Modi's appeal to defer gold purchases for a year amid the West Asia crisis, fearing significant business losses and economic hardship for those involved in the trade.
Petrol prices may be raised by about Rs 2 per litre and diesel rates cut by Rs 0.30 a litre if a proposal to free auto fuel prices from state control is approved by the incoming cabinet.
He said the states needed to also do their bit on reduction of petrol price.
Petrol price havock and Ash's Cannes outing
This is the fourth increase in rates in six weeks
India's retail inflation marginally increased to 3.4 per cent in March, up from 3.21 per cent in February, primarily due to an uptick in certain food items and the initial impact of the West Asia crisis on fuel prices, according to government data.
The government is set to dump B K Chaturvedi panel's recommendation for a monthly increase in fuel prices till they are at par with costs, but may accept the high-powered committee's suggestions for imposing a tax on oil produced from fields awarded before 1999.
The price reduction will be effective midnight tonight, announced Indian Oil Corp
The tariff removal will lower prices of Harley's large-displacement imported motorcycles, which retail between 14.5 lakh and 45.8 lakh but after the duty cut volumes are expected to remain modest.
Oil Ministry felt it did not have a clear mandate to reduce rates post the January 2013 decision of the Cabinet to raise prices by 40-50 paisa a litre every month.
'There is no shortage of fuel whatsoever.' 'India is stock surplus as far as petrol and diesel are concerned.'
Oil companies on Thursday again hiked petrol prices by Rs 1.80 per litre to offset the fall in rupee that has made imports of crude costlier.
A day after raising petrol price by a steep Rs 1.80 a litre, Indian Oil Corp, the nation's largest fuel retailer, on Friday said the hike was unavoidable as rupee depreciation has increased crude imports costlier.
Prime Minister Narendra Modi has appealed to citizens to adopt austerity measures, including avoiding destination weddings abroad and reducing edible oil consumption, to mitigate the impact of the West Asia crisis on India's economy.
The conflict may disrupt Budget 2026-2027 projections, squeezing revenues and raising subsidies, prompting fiscal adjustments and potential reforms, echoing lessons from the Covid-era shock, points out A K Bhattacharya.
Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
The Indian government has waived customs duty on critical petrochemical products until June 30 to ensure supply stability and provide relief to consumers amid disruptions caused by the crisis in West Asia.
The Indian government is considering additional relief packages for vulnerable sectors like MSMEs to mitigate the impact of the ongoing West Asia crisis on the economy and inflation.
Sharing concerns of the common-man, Oil Minister S Jaipal Reddy said the decision to hike petrol price was taken by the oil companies, but the government is conscious of the 'sense of disturbance' caused by it among the consumers.
The 1.5-litre Hyperion petrol engine masterfully blends everyday driving with a sophisticated, tech-laden interior that elevates the entire experience.
The Indian government has implemented several measures to mitigate external risks, support the balance of payments, and maintain macroeconomic stability amidst the ongoing West Asia crisis, according to Minister of State for Finance Pankaj Chaudhary.
Firm crude and weaker rupee mean more losses for oil marketing companies. Jet fuel also set to rise, stressing airline finances.
Petrol prices are likely to be cut by over one rupee a litre early next week as appreciation in value of rupee against US dollar and fall in global oil rates has made imports cheaper.
Petrol prices may be cut by Rs 2 a litre from on Wednesday as global oil rates have softened and the rupee has stabilised against the US dollar.
This is the fourth increase in auto fuel prices since May 1
This is the third reduction in rates this month
A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent.
Petrol price has been cut by Rs 3.05 a litre.
India's sugar consumption is projected to fall by nearly 400,000 tonnes in the 2025-26 season, primarily due to the ongoing liquefied petroleum gas (LPG) shortage exacerbated by the West Asia conflict and unseasonably cool weather.
It remains to be seen if the government will concede to the demand of oil companies just before the winter session of Parliament.
The government on Monday decided to hike petrol price by Rs 4 a litre and diesel by Rs 2 per litre
Fuel being a scarce resource hike in petrol and diesel is a given. But smart stock market investors can still benefit from these regular price hikes.
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
With the assembly polls in major states concluding, the government may slash petrol price next week by Rs 10 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 20 per cylinder in line with fall in global oil prices.
The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
Petrol price has been cut by Rs 2.46 a litre with effect from midnight tonight.
Petrol prices may be cut by Rs 2 a litre from on Wednesday as global oil rates have softened and the rupee has stabilised against the US dollar.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
