Indian oil marketing companies (OMCs) are facing significant financial strain, incurring losses of ₹1,600 crore (approximately $192 million USD) daily due to the need to keep fuel prices stable amid rising global crude oil costs, which have surged due to the ongoing Iran war. Currently, petrol prices in India range from ₹94-105 per litre, while the actual cost should be around ₹113. Diesel prices reflect a similar discrepancy, with actual costs near ₹123 per litre. The Indian government has responded to the crisis by reducing excise duties on fuel, which directly impacts its revenue but helps shield consumers from price hikes. However, this measure does little to alleviate the financial burden on OMCs, which are expected to report poor quarterly results. Experts warn that if the situation persists, monthly losses could reach ₹45,000-50,000 crore. Analysts suggest that a modest increase in fuel prices could help mitigate losses and support necessary investments in refining and energy initiatives critical for India's energy transition.