Concerns over potential fuel price hikes in India have intensified following Prime Minister Narendra Modi's appeal for citizens to cut fuel consumption and adopt austerity measures due to rising global oil prices amid the ongoing US-Iran war. Modi's suggestions include carpooling, using public transport, and limiting foreign travel to conserve fuel and preserve foreign exchange reserves. Despite the surge in global crude prices, state-owned oil marketing companies (OMCs) in India have maintained retail prices significantly below international levels for nearly two years. However, the sustained rise in global costs has sparked fears of an upcoming correction. Historical data reveals that the steepest petrol price hike occurred on May 23, 2012, when prices surged by Rs 7.54 per litre in Delhi. Between 2008 and 2014, multiple significant hikes were recorded during periods of global oil volatility. Since the introduction of daily price revisions in June 2017, while individual price hikes have been smaller, the cumulative effect during volatile phases has been substantial, with petrol prices reaching around Rs 110 per litre in Delhi during late 2021 to mid-2022.