Uday Kotak (founder of Kotak Mahindra Bank) cautioned that India needs to prepare for a significant oil price shock as the conflict in West Asia continues to escalate. He noted that while retail petrol prices in Delhi have remained steady at ₹94.77 per litre since October 2024, the surge in crude oil prices to $120 per barrel will soon affect consumers. Kotak highlighted that the Indian government has maintained these prices for over 18 months despite rising global oil costs, which has resulted in oil marketing companies incurring losses of up to ₹1,000 crore per day. Prime Minister Narendra Modi's recent call for voluntary austerity measures, including reducing discretionary imports and fuel consumption, underscores the urgency of the situation. Kotak also pointed out that India's heavy reliance on imported crude oil, which constitutes 85-90% of its requirements, makes it vulnerable to price shocks. He emphasized the need for India to strengthen its economic fundamentals to navigate these challenges effectively.