Fresh deadlock between the US and Iran prolongs uncertainty over the Strait of Hormuz blockade
Disrupted oil flows continue to keep global crude prices elevated and volatile
Higher fuel costs are straining households, businesses, and public finances in India
Governments must choose between absorbing higher costs or passing them on to consumers
Fuel subsidies and underrecoveries by OMCs risk worsening budget pressures
Targeted support is difficult to implement effectively in a large, diverse economy like India
India may need a mix of price adjustment, fiscal support, and supply management if the crisis persists