India's average crude import cost has fallen below $70 a barrel for the first time since the US-Iran conflict erupted — a staggering 56% plunge from the $157.04 peak hit on March 23. Brent now hovers near $71, with diplomatic progress between Iran and the US raising hopes of further declines. For an economy that imports 88% of its oil, this isn't just relief — it's a potential turning point.

Headwinds

• Fuel price lag at the pump: Oil Minister...