Ukraine crisis to directly impact India’s fuel price

Last updated on October 26th, 2022 at 10:24 am

Ukraine -Russian president Vladimir Putin announced a special military operation towards Ukraine on Thursday morning leaving the whole world shocked.

Despite best possible attempts of other countries and international bodies, Russia has been reluctant to step from inching towards Ukraine and finally took the step to invade the territory. But the invasion will have serious implications on other countries, especially those connected with these two directly and indirectly.

Due to the latest development, the stock market has crashed. Leaving many people in a limbo especially those whose livelihood depends on it. Sensex too went down 2000 points during the early trade on Thursday.

Nifty too suffered a crash as it dropped over 570 points to below 16,500-mark on February 24. This has happened for the first time since 2004. Glod, universal currency, also crossed Rs 51,400, which is the highest in the last few months.

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Regionally, it will surely have a massive impact but internationally too, markets are suffering a lot. At the given time, India is also going to witness the brunt of Russia invading Ukraine. The tensions that are developing in the European territories will affect the commodity and result in food prices to get higher.

There are chances that India may witness a rise in fuel prices. Till now, the government has not announced any increase since November 4, 2021 but the changing world dynamics may impact India as well.

The central government has recently declared cutting the excise duty on petrol and diesel by Rs 5 and Rs 10 which was a relief for the middle class but soon it may be changed. The price of Brent crude oil is climbing to record high and oil marketing companies will save themselves from bearing the load by increasing the price for the user. There will be a sharp rise towards the start of next month, the time when the state assembly election ends.