Ukraine crisis Impact: These things would get expensive in Indian Market

Ground Report | New Delhi: Ukraine crisis Impact; The Russia-Ukraine conflict is having a serious impact on the wallets of the common man in India, as global markets feel the crisis of instability in the region. Russian President Vladimir Putin's decision to declare the Donetsk and Luhansk regions as independent countries, followed by economic sanctions against Russia by the US and other countries, wreaked havoc on global markets.

According to various media reports, the Russia-Ukraine conflict will be a significant risk-off event, sending shockwaves in various markets, causing equities to fall and commodity prices to rise even higher. The United States has vowed to enforce sanctions if Russia moves into Ukraine. Despite Russia's claims that it has no plans to attack Ukraine, it may continue hoarding commodity assets while driving up prices.

The latest rally brought the price of oil closer to the $100 per barrel mark. Brent crude rose more than 3 per cent to $98.92 a barrel. Natural gas increased in price by more than 13 per cent.

These increases come on top of increases already recorded due to insufficient supplies, as major suppliers, including Russia, are reluctant to increase production to meet high post-pandemic demand. High fuel prices have been giving governments headaches, faced with a resurgence of inflation in the United States and Europe.

Experts predict that a war between Russia and Ukraine would disrupt natural gas supplies to Europe, causing drastic price increases. This, in turn, would drive up oil prices, as that fuel would be used for power generation. Insiders do not believe the conflict will have a direct impact on Russian oil production.

Here is a list of what may get more expensive in India, if Russia and Ukraine go to war:

• Price of Petrol

• Price of LPG gas

• Price of edible oil

• Price of kerosene

• Price of wheat (flour)

• Price of electricity

• Price of metal

• Gold

• Aluminium

• Cobalt

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