Iran-Israel War: How Middle East Conflict Could Hike India's Petrol Prices

• The ongoing conflict in the Middle East between Iran, Israel, and America is expected to significantly increase international crude oil prices.
• India, importing over 80% of its oil, faces inevitable petrol-diesel price hikes if global crude prices rise, potentially impacting the rupee and inflation.
• Petrol in Iran costs approximately 2 to 5 rupees per liter, a stark contrast to Maharashtra's 103-105 rupees per liter.
• This price disparity is due to Iran being an oil producer with massive government subsidies, while India is an importer with high taxes (Excise Duty and VAT) making up 40-50% of the fuel price.
• Experts fear petrol prices in Maharashtra could cross Rs 110, leading to increased transportation costs and higher prices for essential commodities.