The common man may have to bear the brunt of the inflation regarding petrol and diesel. Due to the enmity between Russia and Ukraine, it is affecting the economic condition of India including the whole world. From edible oil to crude oil, smartphones and many electronic gadgets have become expensive. With continued demand for oils disrupted due to war, global crude oil prices are expected to remain in the range of $95 to $125 a barrel in the short term. Consequently, the domestic prices of petrol and diesel in India are expected to rise by Rs 15-22 per litre due to the global rise in crude oil prices due to the geopolitical crisis. However, a cut in excise duty may reduce the impact on petrol and diesel prices to some extent, but not completely. India currently imports 85% of its...
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