No Fuel Price Hike in India Despite Global Oil Spike to USD 80 Amidst Middle East Tensions

• Despite global oil prices nearing USD 80/barrel due to US-Israel attacks on Iran and retaliatory strikes, India will not hike petrol and diesel prices.
• India, importing 88% of its crude oil, maintains a calibrated policy to shield consumers, with fuel retailers absorbing losses during high crude prices.
• Retail fuel prices have been frozen since April 2022; companies made record profits in FY24, providing a cushion for current price spikes.
• Middle East conflict escalation, including threats to the Strait of Hormuz, poses risks to India's energy security, as half of its imports pass through it.
• Oil Minister Hardeep Singh Puri reviewed the situation, assuring continuous monitoring and steps to ensure availability and affordability of petroleum products.