Dilip Ghosh Defends Rs 3 Fuel Hike, Says PM Modi Shielded India from Global Crisis

Speaking on the hike in fuel prices, Ghosh said the increase had been kept to a minimum despite difficult global circumstances. "For the past 3 years, a war has been going on in the world. Due to this, various types of crises have arisen in other countries. Prime Minister Modi has not let any harm come to us. Only the price of gas has increased. At least the price has been increased to the minimum," Ghosh told reporters.

His remarks came after the Centre on Friday increased petrol and diesel prices by Rs 3 per litre each across the country. Following the revision, petrol prices in New Delhi rose from Rs 94.77 to Rs 97.77 per litre, while diesel prices increased from Rs 87.67 to Rs 90.67 per litre.

The hike comes amid growing concerns over the global energy crisis triggered by the ongoing conflict in West Asia. The geopolitical tensions, particularly the US-Israel and Iran conflict that began on February 28 this year, have disrupted global crude oil supplies and pushed Brent crude prices above USD 100 per barrel.

The situation further intensified after disruptions and blockades near the Strait of Hormuz, one of the world's most crucial maritime oil trade routes. Several West Asian nations involved in the conflict are among the leading fuel suppliers globally.

Despite rising global crude oil prices, the Centre has maintained that India has sufficient fuel reserves and there is no shortage of petroleum products in the country.

Earlier on May 12, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said India had ensured uninterrupted supplies of petrol, diesel and LPG despite global volatility and supply shocks.

Addressing the CII Annual Business Summit 2026, Puri said fuel prices in India had largely remained stable since 2022 due to strong policy coordination and effective supply management.

"If you look at the fiscal situation, if you look at the fact that my oil companies are losing Rs 1,000 crores every day, the under recovery is going to be Rs 1,98,000 crores. The losses are Rs 1 lakh crore, if you look at the quarter. In that context, how long can you keep it like this? Where is the oil? It used to be around $64 or $65. It has gone up to $115 in that basket," he said.

The Ministry of Petroleum and Natural Gas has also stated that crude oil inventories remain stable, refineries are functioning at optimum levels, and adequate stocks of petrol, diesel and LPG are available across the country.

- ANI