U.S.-Israel-Iran War: Will India’s Fuel Prices Rise as Crude Oil Prices Climb?
As the Strait of Hormuz remains shut for nearly two months due to the Israel-U.S.-Iran war, crude oil prices have climbed by over 80%. India’s four-year freeze on domestic fuel prices may no longer be sustainable, with the state-owned companies mandated to hold those prices down already recording losses at a scale that points to a deepening profitability crisis.
India Pays Double for Fertiliser Imports as Middle East War Disrupts Supply
India has agreed to import 2.5 million metric tons of urea at prices ranging from $935 to $959 per ton, nearly double the $508 to $512 per ton paid in its previous tender just two months ago. For ordinary Indians, a near-doubling of urea import prices will eventually translate into higher food costs.