Sourav ShekharNew Delhi, May 22 -- The escalation of the West Asian conflict from the end of February and the closure of the world's most critical oil chokepoint, "Strait of Hormuz," has pushed the fuel prices among the developed as well as developing economies.
Brent crude has also crossed the mark of USD 120 at the end of April due to the extension of Iran's blockade of the Strait of Hormuz.
At this time, India is the visible exception, as until May 15, oil marketing companies (OMCs) held the petrol and diesel prices unchanged from February levels. It shows the resiliency of the country's oil sector to tackle any global crisis.
On May 16, for the first time after four years, oil companies raised the fuel prices by up to Rs 3 per litre....