India does not import oil from Russia, but if war continues, petrol prices will increase by Rs 20; reason behind this

NEW DELHI: Fuel prices will definitely hike with the outbreak of Ukraine-Russia war. The fact that the price has already crossed $ 100 a barrel is not a good thing for India. Russia is the world's third largest oil producer. India, which imports more than 80 per cent of oil, does not import oil from Russia. But if the war continues, India will be affected the most in case of oil prices.

The favourable oil price for India in international market ranges from $ 75 to $ 84 per barrel. But despite rise in fuel prices in international market, India has been reluctant to raise prices as elections are being held in several states including Uttar Pradesh. But it is estimated that the hike will happen soon after the elections. The last increase in fuel prices in India was on November 4.

At the same time, India is likely to face a crisis, as countries that import oil from Russia rely on other OPEC countries for oil, because if the war continues other countries are likely to impose restrictions on Russia. In that case, oil prices will steadily increase. Petrol prices are likely to go up to Rs 125 per liter in India.