Iran US tensions push oil above $100, straining India's imports
India's fuel supply is feeling the heat as tensions between Iran and the US have pushed global oil prices over $100 a barrel.
Since India gets a substantial portion of its crude oil from Gulf countries like Saudi Arabia, Qatar, and U.A.E., this crisis is hitting hard, especially with fewer imports from Russia thanks to US sanctions.
The ripple effect? Higher costs and pressure on India's foreign exchange reserves.
Government hikes fuel ₹3, expands reserves
Right now, India's emergency oil reserves can cover about 60 days of demand, but that's still short of the global standard of 90 days.
When it comes to LPG (the gas many use for cooking), storage is even tighter, less than 2 days' worth across just 2 underground sites.
To tackle rising prices, the government has bumped up petrol and diesel rates by ₹3 per liter and is expanding its strategic petroleum reserves toward 90 days.