Global oil prices have soared to new highs as a result of the ongoing conflict in West Asia, particularly affecting the Strait of Hormuz. In India, public sector oil marketing companies (OMCs) are incurring substantial losses, leading to the possibility of a price hike for fuels such as petrol, diesel, and Liquefied Petroleum Gas (LPG). Government sources indicate that while efforts have been made to maintain price stability, the situation may soon necessitate adjustments. Additionally, the price of aviation turbine fuel (ATF) for international flights has increased by $76.55 per kiloliter, now standing at $1,511.86 per kiloliter, which translates to over ₹7 per liter. This increase aims to shield domestic consumers from the impact of rising international oil prices. Concurrently, the Indian rupee has fallen to an all-time low against the US dollar, reminiscent of its decline in 2013, further complicating the economic landscape.