India slashed excise, lowered fuel prices ahead of Hormuz disruption
While major economies saw fuel prices soar between 2022 and 2026, India actually lowered retail fuel prices, even when global oil costs crossed $120 per barrel.
According to a government report, India slashed excise duties several times, including a bold ₹10 per liter cut on March 27, 2026, ahead of the Strait of Hormuz disruption.
This move brought diesel excise duty down to zero and shielded consumers from steep price hikes.
India froze prices during Hormuz crisis
During the Hormuz crisis, India froze retail fuel prices for 76 days, even though state-run oil companies took financial hits.
When price increases finally happened in May 2026, they were limited to just 5%, way less than the massive jumps seen elsewhere (like up to 90% in some countries).
The report called India's response "the smallest material upward movement" among "major economies outside Gulf producers."