New Delhi: As US President Joe Biden announced a ban on US imports of ''all Russian oil, gas and energy'', other countries fear for a new all-time high for the cost of gas. Western countries have been avoiding Russian oil purchases due to the conflict in Eastern Europe and this has choked the global supply of crude oil.
The Russian invasion elevated the prices of resources around the globe. India, which is the world’s second-largest gas importer is going to feel the pinch as the nation imports roughly half of its needs from foreign suppliers- Saudi Arabia, Qatar, Oman and Kuwait.
The gas prices tend to be more volatile than other commodities or resources, as they’re particularly sensitive to fluctuations in supply and demand.
In India, the consumption of LPG rose sharply after the Pradhan Mantri Ujjwala Yojana Scheme (PMUYS) was implemented in 2016. Almost 61 per cent of the households in India used LPG in 2018, according to the recent National Statistical Office report. LPG has almost become a necessary commodity of a household.
ALSO READ | Ukraine war: McDonald's, Starbucks, Coke, Pepsi temporarily suspend business in Russia
The dramatic rise in cost, amid the Russia-Ukraine war, has sent drivers into a frenzy and as per GasBuddy's 2022 gasoline forecast, the average cost of a gallon of gas will peak in May and will begin to decline afterward.
Here are the important developments you should know:
- Ukraine`s government accused Russia of shelling a humanitarian corridor it had promised in Mariupol.
- Ukrainian troops repulsed efforts by Russian forces to enter the eastern city of Kharkiv, regional governor Oleh Synehubov said.
- Russian forces have repeatedly tried to seize the southern regional capital of Mykolayiv in attacks that have been repulsed by Ukrainian troops, a Ukrainian presidential adviser said.
- According to the Russian authorities, the forces will stop firing from 10 a.m. Moscow time (0700 GMT) on Wednesday to provide humanitarian corridors for people to leave Kyiv and four other cities.
- McDonald`s Corp, Starbucks and L`Oreal are temporarily closing all outlets in Russia. Coca-Cola and Pepsi suspended soda sales in the country. Unilever became the first major European food company to stop imports and exports out of Russia.
- The London Metal Exchange halted trade in nickel after prices of the metal, a key component in electric vehicle batteries, doubled to more than $100,000 a tonne.
- Additionally, the United Nations human rights office informed that it had verified 1,335 civilian casualties so far in Ukraine, including 474 killed and 861 injured, but the true toll was likely to be higher.
- Ukraine says its forces have killed more than 11,000 Russian troops. Russia has confirmed about 500 losses. Neither side has disclosed Ukrainian casualties.
