Global crude oil prices have surged to $120 per barrel, marking the highest level since June 2022, amid the ongoing West Asia war and tensions in the Strait of Hormuz. Brent crude has increased by 28 percent in just 24 hours, raising concerns about India’s economy as the country imports over 85 percent of its crude oil requirements. The sharp rise in oil prices is expected to increase India’s import bill, putting pressure on the current account deficit and the rupee. While petrol and diesel prices are currently monitored by the government through interventions and tax adjustments, sustained crude oil prices above $100 could eventually force price revisions at the retail level. Oil Minister Hardeep Singh Puri is scheduled to make a statement in Parliament regarding the crude oil crisis and how India is managing its energy needs during the West Asia conflict.
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