Crude oil may increase import bills due to the Russia-Ukraine war, inflation will be badly hit! Rising crude oil prices may increase the cost of imports in india, which will prove to be a double whammy of inflation on the general public.
The fierce war between russia and ukraine (Russia-Ukraine War) is going on for the last four days. In such a situation, apart from these two countries, other countries are also facing a big loss in the global market.
At the same time, there is a possibility of increasing inflation in india too, why the ever-increasing crude oil prices can spoil the budget of india, which will also have an impact on India's import bill and it can increase inflation in the country. Crude oil rate crosses $100.
In fact, due to the war between russia and ukraine, crude oil is still running beyond $100.
The rapid increase in crude oil will not only increase inflation but can also increase the country's import bill. In such a situation, there are possibilities that India's crude oil import bill may cross the $100 billion mark in 2021-22.
This will be almost double the expenditure on the import of crude oil in the last financial year, which will put big economic pressure on the country. Significantly, due to the war, crude oil prices have crossed $100 per barrel in February.
In this kind of situation, it's miles predicted that via way of means of the stop of the contemporary monetary year, India's oil import invoice will double to reach $ a hundred and ten to hundred fifteen billion.
India meets 85 percent of its crude oil requirement from imports and this dependence can put india in economic trouble.
Import bill may double
According to a report related to the Petroleum Plan of the Ministry of Petroleum, in the first 10 months (April-January) of 2021-22, india has spent $ 94.3 billion on crude oil imports. At the same time, $ 11.6 billion has been spent on crude oil imports only in January.
Last year in January, $7.7 billion was spent and now in February, crude oil prices, which were on fire, could double India's oil import bill.
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