NEW DELHI: The surge in oil prices in the wake of Russia-Ukraine conflict has the potential to upset the government math, which will inhibit its ability to pump-prime economic recovery, and raise the cost of living for people.
Global benchmark Brent crude spiked to $105 a barrel — breaching the $100-mark for the first time since August 14, 2014 — on Thursday as Russian troops entered Ukraine, heightening fears of supply disruption in a market already struggling to meet rising demand.
Oil prices have risen more than $20 a barrel since the start of 2022. The mix of crude bought by India, otherwise known as the ‘Indian Basket’, too has topped $97/barrel and will hit a century in a few days if Brent hovers at the current level.
