The ongoing conflict between Russia and Ukraine has intensified and with this, the price of crude oil has also caught fire. On Wednesday, the price of Brent crude rose by $ 5 a barrel and reached its all-time high. After this strong rise, the price of crude oil in the international market has crossed $ 110 per barrel. This is going to have a bad effect on other countries including India.
Crude oil fire will scorch India
According to experts, if the war between Russia and Ukraine escalates further, then the price of crude oil may increase further. This will have a bad effect on the prices of petrol and diesel in India and they can be costlier by Rs 10 to 15. Significantly, in line with the increase in the price of petrol and diesel, inflation on food items in the country will also increase, because the cost of freight will increase. In such a situation, the risk of increasing retail inflation in front of India will also increase. That is, in clear words, this fire in crude oil is going to scorch India.
Import bill likely to be $600 billion
According to a report released by rating agency India Ratings on Tuesday, due to the ongoing crisis in Ukraine, the country's import bill is likely to increase to the US $ 600 billion in the current financial year. The reason for this is that India is completely dependent on the import of crude oil, natural gas, gems and jewellery, edible oil, and fertilizers, while the impact of the Russo-Ukraine war is falling on the Indian currency which is continuously falling. According to the report, due to all these reasons, inflation and current account deficit are expected to increase in the country. The import bill in the first 10 months of the current fiscal stood at US$ 492.9 billion.
India is a major importer of crude oil and gas
India imports 85 percent of the crude oil requirement and 50 percent of the natural gas requirement. If the price of these two increases in the international market, then obviously India's import bill will increase. After Russia invaded Ukraine, crude oil has reached the sky in the international market, on the other hand, the price of gas has also increased. This is the reason why India's import bill is expected to cross $600 billion.
42 percent of families will reduce their expenses
Due to the increase in the price of crude oil in the international market due to the war between Russia and Ukraine, the fear of petrol and diesel prices in the domestic market has increased soon. In such a situation, according to a survey report conducted by LocalCircle in the past, 42 percent of the households say that they will not be able to tolerate another hike in petrol and diesel prices and will stop buying non-essential items. 24 percent of those surveyed said that they have already stopped spending on non-essential items.
The matter of nameplate again reached the Supreme Court, now a petition was filed in support, saying- it should not be forcibly given a communal color.
Nameplate case in SC The Supreme Court upheld the Yogi government's decision to allow shopkeepers to install nameplates during the Kanwar Yatra in UP. Meanwhile, this matter has once again reached the
New Toll Tax System: Now tolls will be collected through this technology, and there will be no long jams! Gadkari told the whole planning
Road Transport and Highways Minister Nitin Gadkari on Tuesday said that the Hybrid Annuity Model (HAM) for completion of highway construction can be made flexible and market-driven.
IND vs SA: Arshdeep's magic was seen in the last ODI of the year for India, joined Lee's club, and lagged in profit
India defeated South Africa in the third ODI and won the series 2-1. This was India's second bilateral ODI series win against South Africa at home. Earlier, Team India had defeated South Africa 5-1 in
Hero Sidharth Malhotra suddenly arrived during the screening of Yodha, fans went crazy after seeing the actor in front of him.
Sidharth Malhotra has returned to theaters after a long time. The actor is entertaining fans on the silver screen with the film 'Yoddha'. Meanwhile, Sidharth Malhotra recently reached a cinema hall in
Uproar in Moosewala's village: People angry with the security of Singer's house, CM Bhagwant Mann arrived 2 hours late due to protest
Punjab CM Bhagwant Mann reached Musa village of Mansa on Friday. He is meeting the parents of Punjabi singer Sidhu Moosewala. They were to reach at 8 o'clock, but because of the protest in Musa
Wealthy Women List: Roshni Nadar is the richest woman in the country, Falguni Nair of NYKAA surpasses Kiran Mazumdar Shaw
Fashion brand NYKAA CEO Falguni Nair has surpassed Biocon CEO Kiran Mazumdar Shaw to become the richest self-made woman. Kotak Private Banking has become the second richest woman in the country with
RK Singh: Electricity will be produced from non-fossil fuels, by 2030 the share will be 65 percent
Preparations are underway to focus power generation capacity in India on non-fossil fuels soon. Power and Energy Minister RK Singh has made a big announcement regarding this. He has said that by 2030,
JEE Main 2022: The second phase of JEE Main begins, BE-BTech exam will be held in 10 shifts, read guidelines
JEE Mains 2022 Session-2: The examination of session-2 of JEE Main, the country's biggest engineering entrance exam, has started. The second phase i.e. July session examination will be conducted from
The devotional atmosphere at Priyanka Chopra's house worshiped with husband Nick Jonas on Mahashivratri
Priyanka Chopra may be living abroad but she is completely attached to her roots. Today the festival of Mahashivratri is being celebrated with great pomp. Lord Shiva and Mother Parvati are worshiped
India-Pak final not held in Asia Cup till date: Tournament organized 14 times in 38 years, Team India is in the forefront with 7 titles
The countdown for the Asia Cup has started. There are only 13 days left. This tournament has always been seen as a great India-Pakistan match as both are big teams from Asia. However, surprisingly,
