NEW DELHI: The cap on Russian oil by the European Union (EU), G7 and Australia is likely to increase the price of crude oil in the market, believes market experts. According to experts, the cap on Russian oil, which is effective from today (5 December 2022), will also increase the under-recoveries of refiners like Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Reliance Industries Limited, Nayara Energy Limited on sale of transport fuel and LPG.
