Mumbai, July 29 -- The Indian government and state-run Oil Marketing Companies (OMCs) have adopted a "wait and watch" stance on retail fuel pricing as global crude markets face heightened volatility, according to Vivekanand Subbaraman, Research Analyst at Ambit Institutional Equities.

Speaking to ANI News on Wednesday, Subbaraman stated that refiners are prioritizing supply security and absorbing financial strain to insulate domestic consumers from global price shocks.

He noted that India remains heavily dependent on global crude imports and vulnerable to disruptions along critical maritime transit corridors such as the Strait of Hormuz.

Recalling the supply tightness during March and April, which temporarily affected cooking fuel avai...