Fuel Price, Food Prices, Inflation: How Will Russia-Ukraine Crisis Impact Indian Economy? Know More here

Russian President Vladimir Putin on Thursday morning announced a military operation in Ukraine and warned other countries that if they try to interfere with Russian action, it would lead to never seen before consequences. Putin gave his reasons to implement this military operation to protect the civilians of Ukraine. Soon after the announcement, big explosions were heard across Kyiv, Kharkiv, Odessa and other cities across Ukraine.

Foreign Minister Dmytro Kuleba said Russia has launched a full-scale invasion of Ukraine and is targeting cities with weapons strikes.

This crisis has bought drastic changes to the stock market across the world. Sensex went down to 2,000 points in the early morning Thursday trades. Brent crude oil prices also hit the $100 per barrel mark for the first time since 2004. This crisis between the two nations has left a huge impact on the global economy.

Fuel Prices may increase: So far the petrol and diesel prices in India remain constant. As we know, the government had recently cut the excise duty on Petrol and Diesel by Rs 5 and Rs 10 respectively in November 2021. With Brent crude oil prices reaching new highs, oil companies will likely revise their fuel prices soon. Finance Experts said that there might be a sharp jump in early March in the fuel prices.

Food prices may increase: The second issue which India might face is increased food prices. If the crude oil prices increase, then eventually the other prices will be affected like LPG and Kerosene. An increase in fuel prices always leads to an increase in food prices.

The last time the world saw a crisis was when the Taliban invaded Afghanistan and now a new war is approaching, will diplomacy help Russia stop their operations on Ukraine?

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