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With crude over $111, domestic petrol and diesel costs are expected to escalate.

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The worldwide rise in crude oil prices caused by the Russia-Ukraine situation is projected to raise domestic petrol and diesel prices by Rs 20-22 per litre in India. Fears of restricted supply from Russia and Ukraine have driven up crude oil prices by roughly 15% in the previous two days. Brent-indexed crude oil prices surged to more than $111 per barrel on Wednesday. For Tuesday, it had increased to $102 per barrel, up from $98 on Monday.
“If OMCs opt to raise gasoline prices, the current surge in oil prices may now hold for a Rs 20 per litre jump in domestic petrol prices,” said Tapan Patel, Senior Analyst.

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