Russia-Ukraine crisis: Petrol and diesel price may surge in India soon
The Russia-Ukraine conflict has triggered a worrying surge in the prices of oil, wheat, and corn, particularly since the two countries involved are key global suppliers of these and several other agricultural products, with regions in Asia and the Middle East among their major buyers.
The shock of Russia’s invasion of Ukraine lifted crude oil prices to over $100 per barrel, for example. Prices breached the $105 per barrel mark – a jump of almost nine per cent from the earlier mark – for the first time since 2014 – and that too was when the two were caught in a military conflict.
Wheat prices have jumped to their highest level in over 13 years and Russia’s attacks have raised fears of shortages of the vital crop. The knock-on effect of this will mean overall food prices could go spiralling out of control – not what the world needs when it is combating Covid and poverty.
