On May 8, petrol and diesel prices in India remained unchanged, with petrol in Mumbai priced between ₹103.50 and ₹103.54 per litre. This stability comes despite a backdrop of rising global crude oil prices, which have surged due to ongoing geopolitical tensions, including renewed clashes between US and Iranian forces. Brent crude oil prices rose as much as 2.9% to nearly $103 per barrel before stabilizing. Analysts predict that while the government has managed to keep retail prices stable, the ongoing cap on fuel rates could lead to future price hikes as losses for oil companies accumulate. Crisil Chief Economist Dharmakirti Joshi noted that the impact of higher crude prices will be more pronounced on wholesale inflation (WPI) than on consumer inflation (CPI) due to government measures to shield consumers. The April inflation data is expected to reflect these trends, with WPI likely surpassing CPI.