India is the world's third largest oil consumer and is one of the world's fastest growing energy consumers.
The government, however, is trying to put on a fearless face, saying the jump in crude oil prices is temporary in nature and that prices will subside soon.
Oil ministers from both the United Arab Emirates and Saudi Arabia reaffirmed on Thursday their commitment to ensure the steady supply of oil, even though the recent oil price hikes are the result of geopolitics and not fundamentally driven, according to the oil ministers as reported by S&P Global Platts.
Khalid al Falih, Saudi Arabi's influential oil minister called India's petroleum minister Dharmendra Pradhan to assure him that supporting global economic growth was "one of the kingdom's key goals", the Saudi ministry said in a statement.
Renewed U.S. sanctions on Iran that could seriously hamper the country's oil exports, along with involuntary output declines in big producers such as Venezuela, Mexico and Angola have contributed to the bounce in the price.
Saudi Arabia said it would make sure the world is adequately supplied with oil to support global economic growth.
"Minister Pradhan expressed his concern about rising (oil) prices and its negative impact on consumers and the Indian economy", an official statement said here on Friday.
"Today, we held detailed discussions over telephone with Saudi oil minister Khalid Al-Falih; (and) reviewed bilateral energy cooperation and in particular the current oil market situation", Pradhan said on his Twitter account.
OPEC and its ally Russian Federation have cut their output since January 2017 to help reduce excessive global stockpiles. Crude oil prices are up almost 20 percent for Brent, the global benchmark, and up 5 percent since last week, when U.S. President Donald Trump pulled out of the Iranian nuclear agreement.
The spike in transport fuel prices in India can be largely attributed to the consistent rise in global crude oil prices recently.
While the Indian government is putting on a courageous front, it has ruled out any to reduction in duties and levies because of the comfortable fiscal situation and the temporary nature of the oil price hike.