India’s energy strategy needs price correction

The Strait of Hormuz crisis has exposed the interconnectedness of energy security and geopolitics, impacting global crude markets and transportation costs. India, heavily reliant on imported oil, has implemented a combination of state intervention, supply diversification, and financial absorption to mitigate the impact on consumers. While petrol and diesel prices have remained relatively stable in India compared to other advanced economies, the country's reliance on fossil fuels remains a structural vulnerability. The government is facing pressure to implement a more sustainable approach to fuel pricing, balancing economic realities with consumer needs.