The Indian government has not dismissed the possibility of increasing petrol and diesel prices in the near future as losses from a four-year freeze on retail rates mount. International crude oil prices have surged to a four-year high of $126 per barrel, driven by geopolitical tensions, particularly following US and Israeli military actions against Iran. Despite the spike, Indian Oil Corporation (IOC) stated that there would be no immediate increase in domestic fuel prices, although they have raised prices for commercial LPG and jet fuel. Currently, state-owned oil firms are facing losses of approximately ₹20 per litre on petrol and ₹100 per litre on diesel due to the price freeze that has been in effect since early April 2022. Analysts have suggested that prices could rise by ₹25-28 per litre following the assembly elections in West Bengal, scheduled for April 29. As the global oil market remains volatile, the government may need to reassess its pricing strategy to mitigate losses.