India, March 23 -- Oil and gas together account for 36% of India's primary energy supply, yet India imports ~90% of its crude oil and 47% of its natural gas. The Strait of Hormuz, now effectively closed, is the transit route for over 50% of India's crude oil imports and 55-60% of its liquified natural gas (LNG) imports. India has limited options to fall back on, despite turning to spot LNG markets and the temporary relief in buying Russian crude. Rising crude prices have already driven up liquified petroleum gas (LPG) prices and could drive up petrol, diesel, and CNG prices as well, with knock-on effects across the economy. India's energy security cannot rely on reacting to crises in concentrated supply chains.

The first priority is to s...