Meanwhile, India and China are buying more Russian oil. Europe will have to get its supply from somewhere else, such as Middle Eastern exporters. But OPEC+, which includes Russia, has been failing to meet its production targets.
The Reserve Bank of India may be forced to act faster on policy tightening after data showed retail inflation spiked sharply to nearly 7 per cent in March, and the fallout of the Ukraine war pushing energy rates higher was expected to add to the already spiralling price pressures.
The Reserve Bank of India may be forced to act faster on policy tightening after data showed retail inflation spiked sharply to nearly 7 per cent in March, and the fallout of the Ukraine war pushing energy rates higher was expected to add to the already spiralling price pressures.
Nirmala Sitharaman responding to the budget discussion in the Rajya Sabha, blamed the Ukraine war for the disruptions to supply chains, and the unprecedented increase in global oil prices over a "couple of weeks" has resulted in the steepest hike on record in petrol and diesel prices.