March 07, 2022
Because of the ongoing war between Russia and Ukraine, there is a lack of fresh supplies, and have pushed crude oil price to a 14-year high of $130 per barrel. The global hike in the crude oil prices led by the Russia-Ukraine crisis is expected to push India’s domestic prices of petrol and diesel by over Rs 30 per litre.
According to the reports, the crisis as well as fears of lower supplies along with robust global demand pushed the Brent-indexed crude oil price higher. Lately, crude oil prices have surged by nearly 20 per cent in the last three days on fear of tight supplies.
Further the Brent-indexed crude oil stood at $113.76 per barrel from a 10-year high of $119.84 per barrel a day before. The crude prices have consistently increased last week. At present, Russia is the third largest producer of crude oil in the world.
The report further added that it is feared that new and more stringent sanctions against Russia will curtail global supplies and stifle global growth. Also India is a major crude oil importer, and for it, the price range is a cause of concern as it may add Rs 10 to Rs 30 to petrol and diesel selling prices if the OMCs decide to revise the current rates. The country imports 85 per cent of its crude oil needs.
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