India's Strategic Moves Cushion Fuel Price Impact Amid Global Oil Crisis

The Tamil Nadu BJP asserted on Saturday that despite a marginal increase of Rs 3 per litre, India has managed to keep fuel prices relatively stable, as the global average stands at Rs 145 per litre. This strategic management occurs amid an intensified US-Iran conflict disrupting global oil supplies.

Significantly, India imports 85% of its crude oil. The closure of the Strait of Hormuz and consequent blockade led to a drastic 90-95% decrease in oil tanker traffic. Moreover, American-Israeli attacks on Iran caused severe damage to vital oil infrastructures, resulting in significant production losses.

Despite higher global prices, reduced production, and increased costs, India has sourced oil from multiple countries, maintaining reserves to muffle the global crisis. In contrast to other nations facing severe shortages, India's proactive measures under the Modi administration have prevented major consumer hardships.

(With inputs from agencies.)