Since the war has begun every country is calculating the consequences of it. While Ukraine will face life and complete infrastructure disaster other countries might face various other crises.
Russia made a hasty decision to invade Ukraine without thinking of the consequences of the loss of life and property people could ever bear. As a consequence of Russia’s war against Ukraine, oil prices hit a record high on Tuesday.
Petrol and diesel prices to go up
Experts estimate that the price of a barrel of crude oil could rise to more than $100 a barrel due to the war. “The price of a barrel of oil is likely to rise to more than $100,” said Tamas Varga of Oil Broker PVM. Global benchmark Brent crude rose $ 3.48 (3.7%) to $ 98.94. Previously, the price had reached $ 99.38. This is the highest since September 2014.
US West Texas Intermediate (WTI) crude rose $ 4.54 (4.8%) to $ 95.61. Demand for this specialty has grown significantly as a result of recent corporate scandals. Against this backdrop, tensions between Russia and Ukraine are likely to push oil prices to a 7-year high record. At such a critical juncture, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC +, are considering increasing their oil supplies.
Deloitte Touche Tohmatsu India had earlier said in its report that there is a possibility of a huge fuel price hike in the country after the 5 state assembly elections in the country. “The Center has not increased retail prices due to the 5 state assembly elections,” Deloitte partner Debasish Mishra said in a media interview. Mishra said companies were looking to raise prices by Rs 8-9 (11-12 cents) per liter to fill the selling price gap after the 5 state elections (March 10).
Mishra said the rise in fuel prices was a problem for both the central government and the central bank. He said rising oil prices would push up commodity prices again, which could lead to further inflation. He said curbing inflation would be a “sword fight” for the central bank. He said every $ 10 increase in oil prices would slow down India’s economic growth from 0.3% to 0.35%. He said it would be difficult to control retail inflation and the current account deficit if the international oil price crossed $ 100.
Dmitry Rogozin, director-general of the Russian Space Agency (Roscosmos), has reacted sharply to US sanctions against Ukraine over its attacks.
He warned that his country would not co-operate in the management of the International Space Station (ISS) in the wake of the sanctions. He questioned whether the US wanted to threaten the possibility of a 500-tonne ISIS landing on India and China. CNN quoted Rogozin as saying on Twitter that the locomotive control engines were under Russian control.
“If we stop cooperating, who will save the ISS from going into uncontrolled orbit and America falling on Europe? The 500-tonne ISS is likely to land in India and China. Want to threaten those countries with the same excuse? Since ISS is not going over Russia, the risk is yours. Are you ready for that?” Russia, the United States, as well as Canada, Japan, France, Italy, and Spain are the main partners in the ISS program.
However, CNN reported that NASA, along with Roscosmos and other organizations, was trying to keep the ISS operating smoothly.
On Thursday Russia invaded Ukraine by bombing the capital, Kyiv and many countries across the world have issued sanctions against Russia to crumble its economy but it has not stopped Putin’s army from invading Ukraine.
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