Inflation in India likely to spike as global oil prices soar past $100 per barrel

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The rising geopolitical tension after Russia announced a military operation in Ukraine has already pushed up global oil prices. On Thursday, Brent crude futures crossed $100 per barrel mark – the highest since 2014. On February 1, the price was less than $90 a barrel.

Higher oil prices will affect global recovery. India, which imports more than 80 per cent of its oil requirements, is carefully monitoring the situation as an increase in prices would have a direct impact on the country’s inflation even as New Delhi imports oil and gas imports from Russia is not much due to the high transportation costs. That apart, Russia supplies heavy crude which the Indian refineries cannot process.

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