Fuel prices have been constantly rising past 10 day’s resulting rise in Inflation which is impacting common man !!
Russia Ukraine crisis has impacted Economies world wide and lead to a rise in fuel Price’s, India also has been impacted though Russian Fuel imports amount to a meagre 2% but the prices per barrel overall has been surging.
Oil prices tumbled on Thursday with the United States set to announce the largest ever release from its Strategic Petroleum Reserve, while OPEC+ stuck to its existing deal for May output.
OPEC and allies including Russia agreed on Thursday to another modest monthly oil output boost, resisting pressure to pump more, and ditched the Paris-based International Energy Agency as a data source in a sign of a hardening standoff with the West.
Global oil supply disruptions are approaching 5 million to 6 million bpd, or 5% to 6% of world demand, according to Reuters’ calculations, as sanctions, conflicts and infrastructure failures hit supply
Smaller Economies are staring at bigger impacts already with rising fuel prices , unless OPEC steps up its production, prices will hover around USD 145 per barrel soon and lead to more price hike in daily commodities.