Petrol and diesel prices in India’s domestic retail market remained steady on April 29, 2026, with minor changes in Noida and Chennai. State-run oil marketing companies continue to absorb much of the international market’s fluctuations to protect consumers and control inflation.
While the opposition says the stability in oil prices is temporary, the Indian government has said domestic fuel prices are expected to remain flat in the near term, despite continued turbulence in global oil markets.
Senior Congress leader Rahul Gandhi, who is also the Leader of the Opposition in the Lok Sabha, on Tuesday lashed out at the Modi government. The 55-year-old politician claimed that the Center will soon increase the prices of petroleum products, which have remained unchanged for a record fourth year.
In a post on X, he wrote: “Electoral relief is over, inflation is on the way! Watch out after April 29 – petrol, diesel, everything will be expensive. When oil was cheap, Modi’s govt pocketed the profits. Now when it’s expensive, they’ll dump the burden on you. A government that steals when it’s cheap – and leaves the public to bear the brunt of inflation.”
He said the government has provided a cushion to domestic consumers despite a sharp rise in global oil prices due to elections in West Bengal, Assam, Kerala, Puducherry and Tamil Nadu. The 2nd phase of polling is going on in West Bengal today and the results are scheduled for March 4.
Global oil prices have seen significant volatility in the past two months, with a nearly 50% increase, due to the war in West Asia. Iran’s conflict with Israel and the United States began on February 28, since then there has been an energy crisis around the world due to the disruption of the oil supply chain. The near-blockade of the Strait of Hormuz, a strategic waterway through which 20 percent of global oil and liquefied natural gas exports are carried, has resulted in higher Brent crude prices.
A senior government official dismissed speculation of a hike in petrol and diesel prices following the conclusion of Phase 2 of the West Bengal survey today, saying authorities have no plans to hike rates. “There is no proposal to increase petrol and diesel prices,” PTI quoted Petroleum and Natural Gas Ministry Joint Secretary Sujata Sharma as saying. State fuel retailers will suffer heavy losses due to the widening gap between input costs and pump prices.
Brent crude posted gains
Oil prices rose on Wednesday, extending their multi-day rally, amid reports that the US will continue its blockade of Iranian ports. Brent crude futures for June delivery rose 52 cents, or 0.47%, to $111.78 a barrel, marking an eighth straight day of gains on expectations of prolonged supply cuts in the key Middle East production region.
