Crude oil prices have surged past $100 a barrel, increasing by about $45 per barrel after the US and Israel attacked Iran on 28 February. While several global economies, from the US to China, have already passed on higher costs to consumers, India has kept prices stable. With crude prices surging, oil marketing companies (OMCs) are taking a big hit. How long can the government avoid an increase, and what are its implications? Mint explains
