Key Highlights
- International oil prices jumped nearly 9% due to conflicts involving the US, Israel, and Iran.
- Brent crude is close to $80 per barrel, while US crude is at $72.79.
- India imports 88% of its crude oil, making it vulnerable to global price fluctuations.
- Retail petrol and diesel prices in India have been frozen since April 2022.
- Sources indicate that an immediate rise in fuel prices in India is unlikely despite global increases.
