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Unmanageable crude oil prices, above $ 113
The effects of the Russo-Ukrainian war on crude oil have been felt. Internationally, crude oil prices have risen sharply. The price crossed $ 113 a barrel. The International Atomic Energy Agency (IAEA) has also warned of a global energy crisis. The Russian-Ukrainian war has affected oil supplies to Russia. As a result, crude oil prices have peaked since 2014. On the other hand, it is expected to touch $ 150 a barrel going forward. “In each case, the people have, for the first time, been offered a chance to vote.
The final round of assembly elections in the country will be held on March 7. The election results will be announced on March 10. The 119-day-long oil spill is expected to catch fire again. Government oil companies are losing up to Rs 5.80 per liter of petrol and up to Rs 2.50 per liter of diesel. The war is on. As the war progresses, crude oil prices are likely to rise further. Experts speculate that the government may raise the price of petrol-diesel by around Rs 10 and Rs 15 per liter as soon as the electoral process is over in the country.
Is Russia Ukraine War Impact Oil Price In India
In addition, transportation costs and production costs will increase. Citizens’ monthly budgets will be affected. The country’s inflation rate will also rise. According to a survey conducted by the Local Circle, 42% of households in the country are not in a position to face rising oil prices. “In each case, the people have, for the first time, been offered a chance to vote. It is worth noting that India imports 80% of its useful oil from abroad. India, in particular, imports 43,400 barrels of oil a day from Russia. The government, on the other hand, has the option of reducing tariffs and keeping prices as high as possible. In that case, the government could lose about Rs 72,000 crore in revenue. The Modi government has hiked excise duty 13 times and reduced it only four times. Therefore, there is a high probability that oil prices in the country will increase after the election.
Why Oil Price High In India
The United States has said it will take precautionary measures in the face of global crude oil prices. The United States has been in talks with 30 other countries. The United States has said it will release 30 million barrels of oil from its reserves to stabilize the rising global oil price in the wake of the Russia-Ukraine war. U.S. President Joe Biden, on the other hand, said there was a deep-seated debate on Russia’s harsh economy. He also called on other countries to release 30 million barrels of oil from their reserves.