The latest round of petrol and diesel price hikes, the fourth in just 11 days, has pushed the country further towards a crisis that threatens to seep into every kitchen, marketplace and bus stand. More alarming is the warning from oil marketing companies that another increase of Rs 20 or more per litre may still be required to cover mounting losses. The immediate trigger is the continuing America-Iran conflict, which sent crude oil prices soaring across the globe. For 74 days, India’s oil companies absorbed the shock while retail prices remained frozen, conveniently coinciding with Assembly elections in states like Kerala, Tamil Nadu, West Bengal and Assam. Politics postponed the pain, but only temporarily. Now the bill has........

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