Due to the risk of war, the export / import of crude oil from Russia is going to be a serious problem. Thus the price of crude oil is going to rise sharply. The price of a barrel of crude oil, which is currently selling for $ 91 (approximately Rs. 6,787 in Indian currency), is hard to touch $ 100; It is likely to touch $ 150 per barrel. This will give a tough petrol price hike to countries like India. That is, petrol will cost around Rs 8 per liter and diesel around Rs 5 per liter.
Iran, the world’s richest country in crude oil, and the United States are in talks, and we have a chance to escape if Iranian oil is brought to the Indian market. If the war comes to an abrupt end and the price of a barrel of crude oil falls below $ 70 a barrel by the middle of this year, petrol prices are likely to fall.
Union Finance Minister Nirmala Sitharaman said, “The Indian government is watching the Russia-Ukraine war. Thus, not only for fuel; This could be a threat to the Indian economy as well! ”