New Delhi: The Russia Ukraine conflict is having a severe impact on the pocket of the common man in India, as global markets are feeling the pinch of the instability in the region. The decision of Russian President Vladimir Putin to declare the regions of Donetsk and Luhansk as independent countries, followed by economic sanctions on Russia from the US and other countries, played havoc in global markets.
For starters, oil prices are at the highest since 2014. The rising oil price is one of the many reasons why inflation is likely to increase in the coming times if the situation doesn’t improve.
India, too, will face the consequences. There could be a serious rise in the price of oil and petroleum products to other goods and services.
Here’s looking at goods and services that could get dearer in India due to the ongoing Russia Ukraine conflict:
Petrol, Diesel Prices
With the ongoing conflict, the Brent Crude Oil prices are closing in on the $100 per barrel mark. India, being a major importer of crude oil, will have to pay more for oil and petroleum products. Ultimately, vehicle owners could have to loosen their purse strings.
Wheat Prices
Russia and Ukraine are among the largest exporter of wheat to the world, according to the Food and Agriculture Organization Corporate Statistical Database of 2017. India often imports wheat from countries like France, Australia and Ukraine, among others. But with major exporters of wheat in a conflict, wheat prices could further increase.
Metals Prices
Russia is also the largest exporter of Palladium to the world. For the unversed, the metal is widely used metal finds use in the manufacturing of several devices such as smartphones. The prices of Palladium could increase if Russia faces economic sanctions from the West. Also Read: EPFO gives important update on validity of Life Certificate, submission timeline
LPG, Kerosene Prices
The price of domestic cooking fuels such as LPG or kerosene could also increase with the rising rates of crude oil. Also Read: Tesla probed by German regulators for its Autopilot feature: Report
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