Russia-Ukraine Crisis: Here’s what could get costlier in India amid international conflict

Crude oil prices are at the highest since 2014 amid the Russia Ukraine crisis. 

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