New Delhi, March 27 -- As global oil markets reel from sharp price spikes triggered by the ongoing West Asia conflict, the Indian government has opted to absorb a substantial fiscal burden rather than pass on the full impact to consumers, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday.

Framing the decision as a policy trade-off, Puri explained that the Modi government faced a stark choice between raising fuel prices or protecting citizens from global volatility.

"Modi Government had two choices- either increase prices drastically for citizens of Bharat as all other nations have done or bear the brunt on its finances so that Indian citizen is insulated from international volatility."

The India government has reduce...