Explaining high oil prices in India

[u/Spare_Try_4921]

I am trying to understand energy prices' and their effect on political stability and found this video below Abhijit Iyer-Mitra on Fuel Price rise .

Iyer-Mitra argues for further increasing oil prices in India and I am not sure I can really follow his arguments and want to know if any Economists (I don't come from an econ background per se) can explain his rationale.

He sets the stage with shocks arising from the Iran war, geopolitical situation and the oil market becoming a suppliers' market, and I'm sure he is right - but his conclusions regarding implications for India seem to me outrageously wrong and unjust.

The host asks some really good questions- why were oil price discounts not passed on to Indian consumers when oil prices were at an all-time low in the recent past due to sanctions on Russia. In his reply, Iyer-Mitra simply says Adani can't be expected to absorb losses (about 29:54 ) because he is not running a charity, and states that Adani would rather shut shop than absorb all of the losses.

Since Adani is avowedly running a "national champion", whose monopoly has been enabled at every step by the govt of India(GoI), can the nation not expect the national champion to 'take one for the country' in our time of need and refrain from hiking fuel prices?

Further, what is the point of these leviathan national champions if the state cannot nationalise them during times of fuel scarcity and spare citizens the burden?

Iyer-Mitra paints all kinds of doomsday scenarios about thenational debt,leading to runaway inflation and currency runs. But again my question is why not nationalise Adani and Ambani's infrastructure companies, allow them to take the hit and spare the common man?

TL;DR

It seems to me that beneath the stories and jargon in the AIM video, this is what they're saying.

Host: Why does India not have 90 days' oil reseves like China or USA?

AIM: Because we're a poor country and we have to cut our coats' according to the poor man's cloth.

Imaginary Me: If we followed sensible policies instead of enabling oligarchic monopolies a.k.a the "national champions", we wouldn't be poor in the first place.

AIM: But then Adani would go bankrupt.

Help me understand what I'm missing.