Yet pump prices in India often diverge from international crude movements. This is because petroleum taxes are a major revenue source for the government. When global prices fall, duties are raised to protect revenue; when they spike, taxes are lowered to shield consumers from inflation. This hybrid model is not perfectly market-driven, but for an emerging economy it helps maintain price stability. Until incomes rise more broadly, India will continue to rely on a mix of market pricing and government intervention to buffer households from global volatility.