Fuel prices have skyrocketed in India. So everyone will be in trouble. Whether it is travel rates or essentials, the effects are felt in all areas. Ukraine -Russia war has led to sanctions imposed on Russia by the United States and other European nations. Therefore, Russia's oil is no longer a consumer, India can take advantage of it. Today, a barrel of crude oil costs 105 dollers in the international market. Before the war, it was only 60 dollarss . Russia has vowed to provide fuel at that price. India is a major consumer of oil. India imports about 85% of its crude oil. Today, India imports large quantities of oil from Iraq and Saudi Arabia.
India imports billions of dollars from these two countries. Apart from this, it is also imported from UAE, Kuwait and Brazil. It seems that importing oil from Russia will not increase fuel prices in India. There may be a slight reduction in rates. Russia and India have been friends for a long time and India can benefit from it. Let's see how the movements happen in the near future.
