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.
India bought the maximum crude oil from Russia in December 2022. Earlier this happened in October
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