Global Oil Crisis: After the attack on Iran and closure of the Strait of Hormuz, the oil supply chain across the world was badly affected. About 20 percent of the world’s crude oil passed through this sea route. As soon as the road was closed, there was a huge jump in oil prices in the international market. Its biggest impact was on the neighboring countries of India, where the prices of petrol and diesel have increased the problems of the common people.

Petrol and diesel broke the backs of people in Pakistan

Pakistan is said to be in the worst situation. There petrol has become costlier by about 64 percent and diesel by 61 percent in the last three months. Where earlier people had to pay 266 rupees, now they have to pay 458.86 Pakistani rupees for petrol and 520.42 Pakistani rupees for diesel.

Pakistan’s Petroleum Minister announced a 42.7 percent increase in petrol and 54.9 percent increase in diesel in the press conference, after which the concern of people across the country increased. At present petrol is being sold there for $1.64 and diesel for $1.86 per litre. According to Indian currency, petrol in Pakistan is costing around Rs 157.34 and diesel Rs 178.45 per litre. The situation has become so serious that the government has had to implement a four-day working week to save electricity and fuel. Many schools have also been closed.

South Asia’s most expensive petrol in Nepal

The situation in Nepal has also become quite worrying. Nepal has now become the most expensive petrol selling country in South Asia. In April 2026, oil prices were increased four times in just one month. Petrol which was 137 Nepali rupees per liter in January, increased to 219 Nepali rupees. Its price in dollars is $ 1.48 per liter, while in Indian rupees it is around Rs 123.58 per liter. Nepal is completely dependent on imported oil. There, about 60 percent of oil is consumed in the transportation sector. In such a situation, due to the cost of petrol and diesel, there has been a huge increase in the cost of transportation of goods and the prices of everyday items have also increased rapidly.

Even fuel rationing in Sri Lanka

Even in Sri Lanka the situation is not normal. One of Asia’s biggest fuel price hikes was recorded there in March 2026. Auto diesel prices increased by 26.1 percent and the price increased from Rs 303 to Rs 382 per liter. The price of petrol also increased to 398 Sri Lankan rupees per liter, which is approximately Rs 108.55 per liter in Indian currency.

The situation became so bad that fuel rationing had to be implemented in Sri Lanka. That means people are not able to buy oil freely as per their need. The government has also imposed restrictions on schools and public programs, so that oil consumption can be reduced and the economy can be managed.

Pressure increased in Bangladesh also

Bangladesh initially tried not to pass on the burden of rising oil prices to the public, but due to continuously increasing subsidies the government eventually had to increase prices. In April 2026, the prices of petrol and diesel were increased by 10 to 16 percent. Before the Iran war, crude oil was around $70 to $75 per barrel, but after the war its price crossed $100 per barrel. Bangladesh imports about 95 percent of its oil needs. The situation is such that petrol pumps are empty in many districts and people have to stand in queues for hours.

Limited increase in India, government took charge

Amidst all this, India’s situation seems relatively stable. Till May 15, 2026, the price of petrol in India has increased by only Rs 3.14 per liter i.e. about 3.4 percent and that of diesel has increased by Rs 3.11 per liter i.e. about 3.6 percent. While oil prices in neighboring countries increased by 60 percent, in India this increase remained quite limited. The central government and state oil companies bore the brunt of the major shock in the international market to a large extent and did not allow it to reach the general public directly. In this era of global crisis, keeping fuel prices under control in India is being considered as a big news of relief.