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To what extent is the Ukraine crisis responsible for fuel price rise in India?

Fuel prices -- from petrol and diesel to CNG and LPG prices in India -- have been on fire in India. But to what extent is this because of the ongoing crisis in Ukraine due to the Russian invasion? Or are other factors at play here? 

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Fuel price today: Petrol prices hiked by 19 paise, diesel by 21 paise. Check revised rate


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Image Source : PTI
Fuel price today: Petrol prices hiked by 19 paise, diesel by 21 paise. Check revised rate 
Petrol and diesel prices in the country rose again sharply by 19 paise and 21 paise per litre respectively on Wednesday as Oil Marketing Companies (OMCs) continued to cover for their losses on holding back price rise for past 18 days due to state elections.
This is second increase in fuel prices in as many days as petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively even on Tuesday after a 18 days break. With Wednesday's increase, petrol is now being retailed at Rs 90.74 a litre and diesel Rs 81.12 a litre in the national Capital.

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