The eight-day conflict between Russia and Ukraine has become more intense. The majority of it appears to be centred on crude oil. The price of crude oil in the international market hit a decade high on Thursday. Yes, with a gain of more than 3%, its price has risen to $ 117 per barrel. The rise in the price of Brent crude has significantly increased Indians’ concerns.
Prices at a ten-year high
OPEC+ countries have decided not to increase crude oil production, according to a recent report in this regard. The reason for the sharp increase in crude oil prices is because of this. On Thursday, the price of Brent crude increased by 2.67 percent to $ 113.6 per barrel, while the price of WTI crude increased by 2.67 percent to $ 113.6 per barrel. Brent crude is at its highest level since 2011.
new year’s euphoria
The price of crude oil increased dramatically at the start of the year 2022. Brent crude surpassed $ 100 per barrel for the first time since 2014 on Thursday, breaking its year-year record. Over the last four months, it has steadily risen. According to the data, the price of Brent crude increased by 10.22% in December, 17 percent in January, 10.7% in February, and more than 16 percent in March.
In India, there will be a significant impact.
Let us tell you that India will be the most affected by the increase in crude oil prices. As a result, there is a chance that the price of gasoline and diesel in the country will skyrocket. Let us remind you that, despite the rise in crude oil prices, the country’s gasoline and diesel prices have remained stable for the past four months. The reason for this, however, is being attributed to the ongoing assembly elections in five states across the country. According to a report, after the election results are announced on March 10, their price in the country may rise.
Petrol-diesel will be nine rupees more expensive.
According to a report published on Thursday, petrol and diesel may become more expensive soon after the final phase of polling in Uttar Pradesh on March 7. It has been stated that after the announcement of the election results of five states on March 10, oil marketing companies may increase the price of petrol and diesel by up to Rs 9 per litre. Experts, on the other hand, believe that this increase in oil prices will not happen all at once, but rather gradually over several days.
Ukraine is in a bad situation.
The ongoing conflict between Russia and Ukraine has significantly worsened. On Thursday, the eighth day of the conflict, about 752 people in Ukraine had died. The Russian army has now taken control of the Ukrainian city of Kherson. In addition, the war in Kharkiv and Kyiv has exacerbated the situation. Let us remind you that, according to a recent report by the Japanese research firm Nomura, if the Russo-Ukraine war continues, India will suffer the most in Asia.