New Delhi, May 20 -- For the last few years, Indian companies had a fairly predictable ally on their side: benign input costs. Crude prices stayed manageable, freight rates cooled after the pandemic spike, and commodity inflation largely remained under control.

That cushion is beginning to disappear.

Crude oil prices have surged sharply in recent months amid escalating tensions in West Asia, pushing India's wholesale inflation to a 42-month high of 8.3% in April 2026. Fuel and power inflation alone jumped nearly 25%, while prices of crude petroleum, metals and manufactured products also moved up sharply.

For India Inc, this creates a familiar problem. Paint companies are dealing with crude-linked raw material inflation. Airlines are ba...