The Russia- Ukraine crisis may be away from the borders of India but the attack impact will be felt in your household budget as well.
Cooking oil prices are set to boil, Ukraine is the single-largest import destination of crude sunflower oil for India. Almost 85% of India's sunflower oil import came from the erstwhile member of the Soviet Union. This war comes at a time when inflation in edible oil is a major concern in the domestic markets. The price of refined sunflower oil in the retail market has shot up to Rs 161.94/litre as compared to Rs 145.03/litre, according to the Price Monitoring Cell of the Union Ministry of Consumer Affairs.
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Even though petrol prices have not been hiked since November 4 last year crude prices are now up over $20 dollars from that level. In fact every $1 rise in crude prices increases burden by $1.5 billion for the govt.