The government might have to hike petrol and diesel prices if the West Asia crisis continues for a longer period, according to Reserve Bank Governor Sanjay Malhotra.
Speaking at a conference in Switzerland on Tuesday, Malhotra highlighted that the government has been rather fiscally prudent and on the path of fiscal consolidation.
The West Asia conflict and the blockade of the Strait of Hormuz have disrupted oil and gas supplies, pushing energy prices higher. India is highly dependent on energy and fertiliser imports, Malhotra said, adding that the current disruptions are beginning to affect the country.
