Senior executives from state-run oil companies, ONGC and Bharat Petroleum Corporation Ltd (BPCL), have attributed the recent increase in petrol and diesel prices in India to prolonged geopolitical tensions in West Asia and rising global crude oil prices. ONGC's Director (Exploration), Sushma Rawat, noted that crude prices have been volatile, often rising when peace agreements fail to materialize. She emphasized that the Indian government has shielded consumers from the full impact of these surging prices for 76 days, during which oil marketing companies faced losses of approximately ₹1,000 crore daily. The executives highlighted India's heavy dependence on imported crude, which constitutes about 85% of its requirements, and the depreciation of the Indian rupee against the US dollar as contributing factors to the financial strain on oil companies. They described the recent price hike as a necessary measure for economic stability, with Rawat advocating for energy conservation and a push towards cleaner energy sources. The discussion also pointed to India's successful strategy of diversifying crude oil sourcing, which has mitigated supply disruptions and maintained refinery operations amid global crises.