India's Oil Bounty Vanishes: Consumers Missed Out, Fiscal Cushion Gone

• India imported discounted Russian crude, but consumers saw no benefit; windfall funded subsidies and welfare schemes.
• Russia became India's largest oil supplier, accounting for one-third of imports post-Ukraine war.
• Retail fuel prices remained stable despite global crude drops; LPG remained expensive, with a 14.2-kg cylinder costing Rs 913 in Delhi by March 2026.
• The fiscal cushion from cheap oil has vanished due to over 70% spike in oil prices and geopolitical tensions.
• Article calls for a policy reset: long-term fiscal discipline, targeted welfare, and investment in infrastructure over broad giveaways.