Aapki Khabar Aapka Fayda: Crude price near $140 per barrel, possible increase in petrol-diesel by Rs 10- Rs 15
The war is dragging on for a long time and it has started affecting India in the form of inflation said Deepak Dobhal anchor at Zee Business in the special show of Aapki Khabar Aapka Fayda.
The Ukraine-Russia war has started showing its all-around effect. The price of crude oil is desperate to touch the record rates of 140 dollars per barrel.
The war is dragging on for a long time and it has started affecting India in the form of inflation said Deepak Dobhal anchor at Zee Business in the special show of Aapki Khabar Aapka Fayda.
He said India imports 85% of its crude oil requirement and the declining value of the rupee is one of the reasons for making crude oil imports costlier. Experts say that if crude oil prices continue to rise, it will increase the burden of more than 1 lakh crore on the economy, anchor added.
At the same time, due to the increase in the price of crude oil, the petrol and diesel prices at the domestic level are set to increase from Rs 10 to Rs 15 and maybe the price hike by more than Rs 25.
It is obvious that if the price of oil increases, then the cost of freight will also increase. And its direct effect will be seen in the price of everyday essentials apart from vegetables and fruits.
The anchor remind India imports maximum sunflower oil from Ukraine and due to the stoppage of import, the price of sunflower oil has increased in India as well as in the global market. He further said, for the first time, the price of palm oil has gone above the rest of the oils. The direct brunt of which is being paid to the Indian consumers because 70% of the total consumption of edible oil in the country has to be imported.
Between 15th March to 3rd March, there has been an increase of 10%-30% in oil prices between February 15 to March 5, he said. And the possibility of a further increase in this cannot be ruled out. Apart from this, about 30% of wheat and 20% of maize are imported from Russia-Ukraine worldwide. At an overall level, Russia, Ukraine, and Belarus contribute 10-12 percent of India's total fertilizer imports. The possibility of an increase in their prices due to war has also increased.
Defense equipment, machinery, games, and jewelry are also imported from Russia. But now their prices may increase. While India exports pharmaceuticals, and tea to Russia and Ukraine. India's exports may also be affected in the near future.
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