India's recent increase in petrol and diesel prices by ₹3.08 per litre has raised concerns about potential future hikes as global crude prices continue to soar. Union Petroleum Minister Hardeep Singh Puri revealed that state-run oil companies are currently losing ₹1,000 crore daily, leading to significant under-recoveries expected to reach ₹1,98,000 crore. The government has maintained price stability for years, but the current economic pressures may force further adjustments. A report from Kotak Institutional Equities suggests that prices could eventually need to rise by ₹25-28 per litre to reflect actual costs. Veteran banker Uday Kotak warned that the full economic impact of rising crude prices has yet to be felt in India, urging businesses and policymakers to prepare for tougher conditions. The government is aware that sharp price increases could trigger inflation across various sectors, prompting Prime Minister Narendra Modi to encourage fuel conservation and judicious use of resources. The future of fuel prices hinges on global crude market conditions, particularly tensions in the Strait of Hormuz.