On Thursday, Russian President Vladimir Putin took the world by surprise as he announced a special “military operation” to protect Donbas, the separatist-held region in eastern Ukraine. Things started to escalate yesterday and financial instability began to creep in as President Putin also declared regions of Donetsk and Luhansk as independent countries.
While this move invited all kinds of reactions from over the world, it is even more daunting as to how this ongoing conflict between Russia and Ukraine affects the common man of India.
For example, the Brent oil has surged up to USD 100 a barrel for the first time since 2014 which will, in turn, can increase the price of petrol, diesel in India.
The Russia-Ukraine conflict can also lead to the rise of the subsidy on LPG and kerosene, meaning the price will go up.
Here is a list of things that might get costlier in India amid the ongoing Russia-Ukraine crisis
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 and with the ongoing conflict between Russia and Ukraine, the cost of wheat might also rise soon.
Price of metals such as Palladium
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 rise which may directly affect the price of domestic cooking fuels like LPG and might also affect the price of Kerosene.
Price of Petrol, diesel
Oil accounts for 25 percent of Indian imports. On Thursday, the Brent Crude Oil surged up to USD 100 a barrel for the first time since 2014 which will have a direct effect on the price of petrol and diesel in India.
