Amid the West Asia war, the impact of the rise in global crude oil prices on the rate of inflation in India is not estimated to be substantial at this point. Union Finance Minister Nirmala Sitharaman, while speaking in the Parliament during the Budget Session 2026, said that India’s inflation is near the "lower bound".

Sitharaman highlighted that the price of crude oil that India imports has been on a declining trajectory for the past year till the geopolitical clashes commenced in West Asia on February 28, 2026, as reported by IANS.