India has contended with a crude oil price exceeding $100 per barrel earlier. However, a similar surge in the wake of the West Asian conflict has an impact that is sharper, wider, and more challenging. Saurav Anand explains the reasons and what it means for the economy Why is this shock worse than in 2022? The key difference is the rupee cost of oil, not the dollar price although Brent crude surged 59% in March, the steepest monthly rise on record. During the Ukraine war in March 2022, Brent crude averaged around $117 per barrel. But the rupee was much stronger at about Rs 76 per dollar, which meant India was paying roughly Rs 8,900 per barrel.