New Delhi, May 13 -- The global situation in the oil market has been steadily worsening. This is putting a huge stress on India. India's petroleum consumption depends on 85% of imported crude oil. Also, India imports 50% of its Gas consumption. Since the beginning of the Israel-USA-Iran war, the crude oil price has risen from US$ 65/barrel to nearly US$ 105. Around 7 barrels make a tonne, and India imports around 240 million tonnes of crude oil. This, along with the disruption in world trade, has raised India's exchange rate to Rs.95 per US$. The government has maintained consumer prices for petroleum products by cutting excise rates and has made oil companies absorb the losses. This has also worsened the fiscal deficit.

Now that the Ben...