As global crude oil prices have surged nearly 70%, rising from around $65-70 to over $110 per barrel, India has managed to limit the retail price increase of petrol and diesel to about 5%. Anish De, Global Head of Energy & Natural Resources at KPMG, emphasized that while this minimal increase helps consumers, it raises concerns over the fiscal deficit, which could lead to inflation if not addressed. The ongoing geopolitical tensions, particularly in the Gulf region, have exacerbated crude and fertilizer costs. De highlighted the importance of balancing price control with fiscal prudence to signal demand reduction effectively. Furthermore, he noted that India's push for renewable energy, which added over 50 gigawatts of capacity last year, could mitigate the impact of crude price volatility. The role of biofuels, especially ethanol, and the potential of Artificial Intelligence to optimize energy production and consumption trends were also discussed. Looking ahead, scaling up renewable energy over the next decade could gradually reduce India's dependence on imported oil and gas, thereby lessening the impact of global oil price shocks.