New Delhi, April 23 -- The Indian retail consumers have so far been shielded from the crude oil price spike as the government has kept the petrol and diesel prices unchanged. But, according to Kotak Institutional Equities (KIE), it might change soon.

The brokerage expects a price hike in retail prices of petrol and diesel after the state elections in the absence of a truce in West Asia. Currently, Brent crude oil prices are trading at $104 per barrel as the Strait of Hormuz remains shut following a lack of progress in peace talks between the US and Iran.

The Strait of Hormuz is a critical route, accounting for about 20% of daily global oil supplies and 40% of Indian crude imports.

Iran's 17 April announcement to allow transits through ...