India’s energy demand traditionally surges between April and June, powered by air conditioning, irrigation, and industrial cooling. The scale of this rise has become increasingly stark. Peak electricity demand has climbed from 190 GW in January 2021 to nearly 250 GW in May 2024, underscoring the economy’s growing energy appetite.

This year, however, the seasonal spike is arriving alongside a global oil disruption tied to tensions in West Asia. In early 2026, the Indian crude basket surged dramatically, from about $60 per barrel at the start of the year to over $140 by mid-March, marking one of the sharpest short-term increases in recent memory.