The government has increased fuel prices across the country, relaying some of the effect of the higher crude oil prices in the wake of the US war in Iran. As of now, there are too many variables to accurately predict the impact — such as how long the West Asia tensions will continue, how high crude prices will go and how much of the increase the government will pass on to the average Indian consumer. However, it would help to look back at India’s recent history as a way to understand how higher crude oil prices affect different aspects of the Indian economy. 12 years of luck coming to an end When Prime Minister Narendra Modi first came to power in 2014, the Indian economy — especially its consumers — had been suffering from the effects of high crude oil prices for three preceding years (2011-12, 2012-13 and 2013-14).…