What May Get Costlier In India Amidst Russia Ukraine Crisis? Know Here

Russia Ukraine Conflict: Rising geopolitical instability in the region is likely to push the prices of most common commodities upwards in India. Here is a look at what all may get costlier.

New Delhi: The common man in India is likely to face the brunt of the rising Russia Ukraine conflict. After Russian President Joe Biden decided to declare the regions of Donetsk and Luhansk as independent countries, the tremors of financial instability started to emerge in global markets. The oil prices are at the highest levels since 2014.

In India, the commodities which are mostly consumed by the common public are likely to get hit the hardest. For the unversed, Russia is the third-largest supplier of oil to the world. According to investopedia.com, the country exports a total of 11 per cent out of the total oil exports.

Here is a look at what might get costly in India as a direct result of the current Russia Ukraine Conflict.

Prices of Petrol, Diesel

According to a report by India Today, oil alone accounts for 25 per cent of Indian imports. The Brent Crude Oil prices are nearing the $100 per barrel mark. On Tuesday Brent Crude Oil was trading at over $98 per barrel.

This is likely to have a direct impact on the petrol and diesel prices in India. The prices of these fuels have remained stagnant since the central and the state governments announced tax cuts last year.

But with the pressure on per barrel prices rising, vehicle owners may soon be up for some bad news.

Prices of Wheat

India consumes large quantities of wheat per annum. But according to India Today, Russia is the largest exporter of wheat to the world. Along with this, Ukraine is also the fourth largest exporter of the staple crop. Most of the wheat supply takes place from the Black Sea Region.

With both the countries locking their horns, the prices of wheat may soon see an uptick.

Prices of Metals

Russia is the largest exporter of Palladium. It is a widely used metal in the manufacturing of devices including mobile phones. With possible sanctions staring at Russia, the prices of Palladium are also likely to soar.

Prices of LPG, Kerosene

With the prices of crude oil rising, a likely impact may also be seen in the prices of domestic cooking fuels like LPG. It may also impact the prices of Kerosene.

It is noteworthy that these two elements are widely used in Rural India for various purposes. The rise in their prices will push the retail inflation figures higher.