The Strait of Hormuz disruption has sent crude prices up 80-100% but Indian consumers have been shielded from price rises — at a cost of Rs 62,000 crore in losses shared between the government and OMCs. The author, a former IOCL chairman, argues this model is unsustainable: OMCs operate on ~1.85% margins and must fund massive capex. The burden must eventually be shared across government, states, and consumers.