India will host the 18th BRICS Summit at Bharat Mandapam in New Delhi on September 12–13, 2026. Chinese President Xi Jinping and Russian President Vladimir Putin are expected to attend the summit. While the summit is a political event, the discussions on trade, energy and payments can indirectly affect everyday costs such as fuel, food and imported goods over time.
1. The drama: Xi’s expected visit to Delhi
Relations between India and China have been strained since the 2020 border clashes. Xi’s expected presence in Delhi would be his first visit to India in seven years and would signal an effort to stabilise ties.
Why it can matter for your wallet: Stable India–China trade helps keep supply chains for electronics, auto parts and household goods smoother and can limit cost pressures on some imported items.
2. The dollar push: Will petrol prices change?
Russia and China are pushing for more use of local currencies in global trade to reduce dependence on the US dollar. BRICS members are discussing ways to make cross-border settlements easier in national currencies.
Why it can matter for your wallet: Most crude oil is still priced in dollars. A long-term shift toward more local-currency trade could change how exchange-rate movements feed into fuel and import costs. India says it will manage this carefully to avoid sudden shocks at petrol pumps.
3. Energy rules: Discounted oil and supply chains
Under Western sanctions, Russia relies on buyers like India and China. India has used this position to secure discounted Russian crude, which has helped limit the pass-through of global price spikes to domestic fuel prices.
Why it can matter for your wallet: Cheaper crude imports can help keep petrol and diesel prices more stable than they would be otherwise, though taxes and global market moves still play a big role.
4. Global power: India’s balancing act
India is maintaining strong ties with Western nations while hosting Russia and China at BRICS. New Delhi is using this position to push for reforms that it says will help developing countries.
Why it can matter for your wallet: Stronger economic partnerships can attract investment, manufacturing and technology projects into India, which can support jobs and growth over time.
The bottom line
The BRICS summit in Delhi is more than photo opportunities. The economic and energy agreements discussed behind closed doors can shape inflation, import costs and investment flows, which in turn can influence what you pay for fuel, food and household goods in the months ahead.
Bureau Report
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