India may eventually have to raise retail petrol and diesel prices if the conflict in the Middle East continues for a prolonged period, Reserve Bank of India Governor Sanjay Malhotra said, as the Iran war intensifies pressure on the country’s energy imports, inflation outlook and supply chains.
The world’s third-largest oil consumer has been hit hard by the conflict, with the closure of the Strait of Hormuz disrupting the flow of critical energy imports, pushing up crude oil prices and triggering shortages of cooking gas.
