Russia-Ukraine Crisis: As for India, the price of many things - utilised by the common man - is likely to get hit the hardest.
The ongoing conflict between Russia and Ukraine is not only affecting the two countries at play but also other nations like the US, France, India, among others. Things started to escalate recently and financial instability began to creep in after Russian President Vladimir Putin declared regions of Donetsk and Luhansk as independent countries.
Notably, the price of oil is at its highest level since 2014. As for India, the price of many things - utilised by the common man - is likely to get hit the hardest. For those who are not aware, Russia is the third-largest supplier of oil to the world.
So today we have compiled a list of things that might get costlier in India amid the ongoing Russia-Ukraine crisis.
READ | Beginning of Russian invasion': US President Joe Biden announces new sanctions against Vladimir Putin's Russia
Price of Petrol and Diesel
According to an India Today report, oil accounts for 25 percent of Indian imports. On Tuesday, the Brent Crude Oil was selling at over $98 per barrel which will have a direct effect on the price of petrol and diesel in India. Now, with the cost rising per barrel, the rate of petrol, diesel might also get affected significantly.
Price of Wheat
India is one of the largest consumers of wheat and Russia is the largest exporter of grain, to the world. Not only that, but Ukraine is also the fourth largest exporter of wheat. A maximum of wheat supply takes place from the Black Sea Region. With the ongoing conflict between Russia and Ukraine, the cost of wheat might also rise soon.
READ | DOUBLE TAKE: US-Russia conflict, a double bind for Europe
Price of metals
Russia is the largest exporter of Palladium - a metal that is used in manufacturing mobile phones. Now, with several countries announcing sanctions against Russia, the price of Palladium is also likely to increase.
Price of LPG, Kerosene
The price of crude oil is on the rice which may directly affect the price of domestic cooking fuels like LPG and might also affect the price of Kerosene. Both LPG and Kerosene are widely utilised in Rural India and the rise in their prices would definitely affect the common man.
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