With the Russia-Ukraine conflict triggering worries of crude oil price surge, farmers in Punjab are stocking up on fuel for the upcoming wheat harvest season.
Long queues of tractors, with fuel storage tanks, were seen at filling stations in rural areas of the southern Malwa region on Saturday.
Russia and Ukraine are the key global suppliers of crude oil, with buyers in Asia and the Middle East. Russia is the third-largest oil producer and second-largest oil exporter. India is the world’s third-largest oil consumer and depends on imports to meet 85% of its needs. The imported oil is converted into products such as petrol, diesel, and LPG. Changes in petrol and diesel rates in India are directly influenced by the price of crude oil in the international market.
