New Delhi: India has opted for a measured increase in fuel prices, shielding the common consumer even as global crude oil rates spike sharply due to the ongoing West Asia conflict. Crude oil prices for the Indian basket have seen extreme volatility in FY 2025–26, rising from around $62 per barrel to over $117. The surge happened after tensions involving Iran escalated, with prices jumping from $69.01 in February to $117.09 in March – a steep increase of nearly 70%. As of March 19, the Indian crude basket stood even higher at $156.29 per barrel, reflecting intense global supply concerns.
