The effects of the Russia-Ukraine war are now being felt around the world. As the war continues on the seventh day, crude oil prices have risen. (Crude Oil Price) Today the price of crude oil has risen by five dollars per barrel. International crude oil prices have risen to १० 106 a barrel. Economists are predicting a rise in inflation in India.

Pic Credit-Pudharinews                                                                                                                             

According to economists, prolonging the war between Russia and Ukraine could lead to a further rise in crude oil prices. This will have a direct impact on petrol and diesel prices in India. Petrol and diesel prices are likely to go up by Rs 10 to Rs 15 per liter. After the petrol-diesel price hike, there will be an increase in food prices along with essential services in India. The rise in crude oil prices will be a major headache for India.

India imports 85% of its crude oil. About 50% of natural gas is imported. If prices rise in the international market for both, it will have a direct effect on our economy. It is now feared that India’s import bill will reach ६ 600 billion due to the rise in crude oil prices.