New Delhi, Nov. 12 -- Prime Minister Narendra Modi on Thursday said the conflict in West Asia had triggered a sharp rise in crude oil prices, which surged from USD 70 to USD 122 per barrel within a few weeks, posing a major challenge for India, but asserted that the government absorbed a substantial portion of the resulting diesel price burden to protect farmers.

Addressing the Kisan Tak Bharat Agriculture Conference 2026 in Delhi, the Prime Minister said the situation warranted a diesel price increase of at least Rs 50 per litre, but the government raised the price by only Rs 7 per litre and absorbed the remaining burden of Rs 43 per litre.

"When the threat of war loomed over West Asia, the price of crude oil surged from $70 to $122 pe...