New Delhi: Common men will get the heat of the Russia-Ukraine full-scale war. Due to war, the fuel price per barrel has reached 140 dollars in the International market, in India's price of fuel is likely to be hiked by Rs. 15 per liter.

On Sunday, West Texas Intermediate crude futures, the US oil benchmark has reached 130.50 dollars per barrel, it was highest since 2008.

Meanwhile, the Rupee tumbled to a record low of 77.01 per dollar on Monday. India purchases to meet about 85 percent of its oil requirement, the fuel price increase will directly impact India and its economy.

Soon after the declaration of five states elections, the Centre will give a nod for an increase in petrol, diesel, and LPG prices. Oil companies have stated that it is inevitable for them to hike fuel prices following the Russian invasion on Ukraine.

"With the last phase of polling ending on Monday, it is now expected that the government will allow state-owned fuel retailers to return to daily price revision," an industry official said.

But oil companies are not expected to pass on the entire loss in one go and they will moderate it - raising rates by less than 50 paise a litre every day, NDTV report says.

Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.

While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.

Petrol costs Rs. 95.41 a litre in Delhi and diesel is priced at Rs.86.67. This price is after accounting for the excise duty cut and a reduction in the VAT rate by the Delhi government.

Before these tax reductions, petrol price had touched an all-time high of Rs.110.04 a litre and diesel came for Rs.98.42.