Picture courtesy Reuters
New Delhi: The Russia-Ukraine crisis is likely to have a fallout in India too, with a rise in the prices of essential commodities.
The rise in crude oil prices is expected to increase the subsidy on LPG and kerosene.
If the Russia-Ukraine crisis continues to simmer, India could see an increase in petrol-diesel prices. Oil consists of around 25 per cent of India’s total imports. India imports more than 80 per cent of its oil requirement. A rise in oil prices will impact the current account deficit, the report added.
Russia is also the world’s largest exporter of palladium, a metal used in automotive exhaust systems and mobile phones. Its price has also soared in recent weeks amid fears of sanctions being imposed on Russia.
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