Petrol, diesel prices expected to rise Rs 15-Rs 22 per litre from next week

New Delhi, Mar 07: Vladimir Putin's military aggression against Ukraine is expected to keep global crude oil prices in the range of $95-to-$125 per barrel in the short term. That means, India's domestic prices of petrol and diesel could be increased by Rs 15-22 per litre.

Russia is the third-largest oil producer and second-largest oil exporter. It is also the largest provider of natural gas to Europe, providing about 35 per cent of its supply.

According to IANS report, a 10 per cent rise in crude oil prices adds nearly about 10 basis points in CPI inflation.

Lately, the crisis as well as fears of lower supplies have pushed Brent crude oil price to 10-year-high level of nearly $120 per barrel.

On Friday, the Brent-indexed crude oil stood at $113.76 per barrel from a 10-year high of $119.84 per barrel a day before.

At present, India imports 80 per cent of its needs from other countries.

The current crisis may also result in price increases at a time when inflation is a big worry for countries all over the world, affecting sectors and families in general. The overall impact on inflation may extend beyond gasoline prices, as Russia and Ukraine are significant sources of cooking oil, fertilizers, and palladium for India.