Indian Finance Minister Nirmala Sitharaman urged the country on Monday to focus on fuel, fertiliser and foreign exchange and underlined Prime Minister Narendra Modi’s plea to conserve foreign exchange as “very important” amid the Gulf crisis.

Earlier this month, Modi called on Indians to conserve fuel and foreign exchange and avoid gold purchases, among other austerity measures, to better manage the energy shock and economic headwinds.

“The prime minister giving a call to conserve foreign exchange, as far as possible, is very important,” Sitharaman said, adding that the stress on ‘3Fs’ — fuel, fertiliser and foreign exchange — should be viewed in this context.

India has been reeling under the effect of rising crude prices and supply disruptions after the closure of the Strait of Hormuz due to the US-Israel war on Iran.

High prices of crude, fertilisers and gold are creating some challenges on the external front, Sitharaman added, while speaking at an event in Mumbai.

India, the world’s third-largest oil importer and consumer, raised prices of petrol and diesel again on Monday, the fourth increase in May in a bid to recoup some losses.

Sitharaman said that the Indian government’s revenue is expected to be hit by one trillion rupees in FY27 due to a reduction in excise duties on fuel.