Global oil prices have surged sharply due to escalating tensions in the Middle East, particularly following strikes by the US and Israel on Iran and Tehran's retaliation that closed the Strait of Hormuz. Despite this, the Indian government has maintained the retail prices of petrol and diesel since early April 2022. As of late April, petrol prices in Delhi stand at ₹94.77 per litre and diesel at ₹87.67 per litre. State-run oil companies are reportedly facing significant losses, with estimates of around ₹20 per litre on petrol and nearly ₹100 per litre on diesel due to stagnant retail prices amid rising international rates. The Indian Oil Corporation confirmed that prices would remain unchanged for now, although government sources indicated that a price hike cannot be ruled out in the near future. Additionally, the Press Information Bureau (PIB) has refuted social media claims of an official order for a price hike. Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, stated that India has expanded its crude oil sourcing from 27 to 41 countries, which has played a crucial role in managing the current energy crisis.