Despite both relying on imported oil, the impact of recent crude price surges on India and China varies greatly. India's transport sector remains highly dependent on traditional fuels, unlike China, which has made significant strides in electric vehicle adoption.

Both India and China depend heavily on imported oil and are exposed to shocks in West Asia. But as crude prices surged nearly 67% within a month, the impact on their transport sectors was not the same. While China’s rapid shift to electric vehicles has reduced its reliance on fossil fuels, India’s transport sector remains overwhelmingly dependent on petrol and diesel. From EV adoption and total vehicle stock to charging infrastructure, the gap is stark.