Crude is the single largest import that India makes. A $1 increase in price of crude is over $1.2 billion increase in our import bill. While renewables are expected to wean the world away from oil over time, oil would remain the most important fossil fuel consumed by mankind for a long time to come.
Oil is a commodity and prices should be expected to experience the commodity kind of swings. However, in the case of oil, the producers, particularly of the Opec, try to maintain the prices in a band given their low cost of production and large surpluses. It is also a commodity of strategic importance and one finds such influences on oil price too. This causes oil prices to be higher than what they should be if the market forces of supply and demand alone determined the levels.
However, in the end oil is a commodity, and its prices, in spite of all attempts on the contrary do fluctuate and demonstrate their commodity nature.
Also, while the focus on renewables is expected to gradually reduce the dependence on oil, the current oil consumption levels are expected to sustain for multiple years. Given the fact that the economies of oil producing countries are so dependent on the price of the commodity, one should expect to make attempts to prop up oil prices if they fall below a threshold for any sustainable period.