The ongoing war between Russia and Ukraine for the past several days has also had an impact on crude oil prices in the international market. The price of crude oil crossed $110 a barrel. This is the highest price in the last 7 years. In the international market, Brent crude oil prices rose by 5 per cent today. Subsequently, the price rose to $110.23 a barrel. For the first time since July 2014, the price of crude oil has reached $110 per barrel.
Additionally, the price of U.S. West Texas Intermediate has also been increased by 4.8 percent. Since September 2013, the price has been the highest at $108.41 per barrel. After the increase in the price of crude oil in the international market, the prices of petrol and diesel in India are also expected to increase. Experts are saying that after the ongoing assembly elections in five states including Uttar Pradesh, Punjab, the prices of petrol and diesel may catch fire.
There has been no change in the prices of petrol and diesel in the country since Diwali, 2021. But on the contrary, crude oil prices have gone up a lot. Crude oil prices in the international market have risen sharply after Russia's bombing of Ukraine. Recently, the price of crude oil crossed the $100 per barrel, after which today the price crossed $110 per barrel.
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