New Delhi: The Russia-Ukraine crisis-led global hike in crude oil prices is expected to push India’s domestic prices of petrol and diesel by Rs 20-22 per litre.
However, an excise duty cut may dampen the impact on petrol and diesel prices to an extent, but not entirely.
The crisis as well as fears of lower supplies have pushed Brent crude oil price to nearly an 8-year high on Wednesday.
Besides, robust global demand is expected to keep the Brent index crude oil price high.
Consequently, crude oil prices have surged by nearly 15 per cent in the last two days on fear of tight supplies.
On Wednesday, the Brent-indexed crude oil prices rose to over $111 per barrel on Wednesday.
At present, Russia is the third largest producer of crude oil in the world.
It is feared that sanctions against Russia will curtail global supplies and stifle growth.