PM Modi urges citizens to cut fuel use, avoid foreign travel

Crude oil prices have surged sharply since the outbreak of the war in West Asia on February 28, with average import prices rising from around $70 a barrel to nearly $120. The pressure has also weighed on the rupee, which weakened from around ₹91 against the dollar before the conflict to nearly ₹95.

To be sure, the rupee’s depreciation has mirrored pressure on several major Asian currencies during the broader global crisis.

High oil prices have also sharply increased India’s import bill. India imported crude oil worth $121.8 billion in 2025-26, and officials expect the burden to rise further if the conflict continues and shipping through the Strait of Hormuz remains disrupted.