The world's third-largest oil importer is pulling refined fuel off the export market to shore up domestic stockpiles, a move with ripple effects across global energy and crypto markets. India just made it a lot more expensive for its refiners to sell diesel and jet fuel abroad. Effective July 16, the export duty on diesel jumped from ₹8.5 to ₹15.5 per litre, an 82% increase. When diesel prices climb globally, transportation costs increase, which means higher prices for basically everything that gets shipped. Persistent inflation makes it harder for central banks to cut interest rates, and interest rate expectations remain one of the single largest drivers of risk asset prices, crypto included.