With the crude oil prices witnessing a spike in view of the ongoing conflict between Russia and Ukraine, Prime Minister Narendra Modi-led government on Saturday said it is “closely monitoring global energy markets” as well as “potential energy supply disruptions” as a fall out of the evolving geopolitical situation.
“With a view to ensuring energy justice for its citizens and for just energy transition towards a net zero future, India stands ready to take appropriate action for ensuring ongoing supplies at stable prices,” a statement issued by the petroleum ministry said.
It further said that the government is also ready to release oil from its strategic reserves to mitigate market volatility and keeping a check on crude oil prices.
Government’s assurance has come amid speculations that petrol and diesel prices, which have been kept unchanged for 113 days now since November 4, 2021 (when they had come down slightly after excise duty was cut on Diwali), may again rise owing to geo-political tensions arising out of Russia-Ukraine conflict.
(With inputs from agencies)