Despite rising international crude oil prices due to the ongoing US-Iran conflict, petrol and diesel prices in India have remained unchanged, primarily due to the upcoming state assembly elections in West Bengal and Assam. Analysts predict that oil marketing companies (OMCs) are under margin pressure as they have not fully passed on the increased crude costs to consumers. As a result, the Government of India may consider raising fuel prices after the elections. Investors are encouraged to look at upstream oil producers like Oil and Natural Gas Corporation (ONGC) and Oil India, which typically benefit from higher oil prices. Additionally, pure-play refiners, such as Reliance Industries, are expected to see improved refining margins if the conflict extends into the summer, boosting their earnings. Analysts recommend a sector rotation strategy, focusing on energy stocks while being cautious with consumption-linked sectors like aviation and paints, which may face rising input costs. Currently, petrol in Delhi is priced at ₹94.77 per litre and diesel at ₹87.67 per litre, with private refiners already increasing prices, while state-run OMCs have maintained stability for regular fuels.