On April 19, petrol and diesel prices at state-run outlets in India remained stable despite global oil market volatility. The ongoing conflict in West Asia, particularly the closure of the Strait of Hormuz by Iran, which handles about 20% of global oil exports, has raised concerns. Defence Minister Rajnath Singh emphasized the importance of India being prepared for any escalation in the region, describing the situation as volatile. To bolster maritime trade security, the Indian government approved the creation of a ‘Bharat Maritime Insurance Pool’ with a sovereign guarantee of ₹12,980 crore (approximately $1.56 billion USD). This initiative aims to ensure affordable insurance coverage for India's import-export operations. Currently, India maintains adequate fuel stocks, with inventories sufficient for over 60 days of consumption, and is actively diversifying its import sources to include the US, Australia, and Latin America.