The government may look into the prices of petrol and diesel after the elections. Despite fluctuating global prices for crude oil, the government-owned oil marketing firms have kept their prices for retail sale of petrol and diesel unchanged, which is impacting their bottom lines. Oil companies are facing losses of ₹18 per litre in the case of petrol and even more than ₹35 per litre in diesel sales. Losses recorded during the month of March may wipe out all the profits made earlier in January and February.

According to a report by financial services company Macquarie, if crude oil prices remain at $135-165 per barrel, this loss is expected to increase further. Every $10 increase in crude oil prices could increase the loss by approximately ₹6 per liter. Indian Oil, Bharat Petroleum, and Hindustan Petroleum have not changed retail prices after April 2022. As of March, the combined daily loss of the three companies was approximately ₹2,400 crore. Following the central government's excise duty cut of ₹10 per liter, this loss has declined to approximately ₹1,600 crore per day.

India's strong economic fundamentals can largely absorb the impact of crude oil shocks. However, if the average price remains around $130 per barrel, the country's economic growth rate could decline by approximately 0.8 percent. According to rating agency S&P, the operating income of oil companies could decline by 15 to 25 percent during 2026-27. This could increase pressure on corporate lending and the banking sector, with bank NPAs rising to 3.5%.