Petrol price hike after polls!
Oil price skyrocketing to $100/bbl, at 7-yr high after Russia recognises breakaway rebel regions in East Ukraine as independent states; Crude oil futures rise on spot demand; Petrol, diesel price hike coming after elections
image for illustrative purpose
Hyderabad: With soaring crude oil prices amid boiling Russia-Ukraine tussle, experts forecast a possible hike in fuel prices in the domestic market as petrol, diesel rates remain unchanged for 109 days. However, it may not be immediately, but looks imminent after the ongoing Assembly elections in five States.
International oil prices surged close to $100 a barrel on Tuesday after Russian President Vladimir Putin sent troops into Ukraine.
Amid fears of supplies being disrupted because of Russian aggression, the price of futures contract for Brent crude oil with April delivery on London's ICE rose by 4.18 per cent to $99.38 per barrel on Tuesday morning.
Oil prices are climbing on fears that the Ukraine-Russia crisis will disrupt supply chains across the world, BBC reported. Futures of Brent crude, the international benchmark, reached a seven-year high of almost $98 on Tuesday after Russia recognised breakaway rebel regions in Ukraine's East as independent states, BBC reported. Western powers fear Putin's recognition of the rebel-held areas paves the way for Russian troops to officially enter Ukraine's East.
The UK and several western allies have threatened sanctions on the country.
