New Delhi: 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.
The Union Ministry of Petroleum and Natural Gas in a release said India stands ready to take appropriate action for ensuring ongoing supplies at stable prices.
The ministry said this step by the government has been initiated with a view to ensuring energy justice for its citizens and for just energy transition towards a net zero future.
“India is also committed to supporting initiatives for releases from Strategic Petroleum Reserves for mitigating market volatility and calming the rise in crude oil prices,” the ministry added.
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This assertion by the Central government comes amid speculations that petrol and diesel prices, which have been kept unchanged for 113 days now since November 4 last year, may witness a rise again courtesy the geo-political tensions arising out of the conflict between Russia and Ukraine.
Earlier on Friday, the oil prices slipped after sharp increase early in the session on concern over potential global supply disruptions from sanctions on major crude exporter Russia, Reuters reported.
The Central government had earlier in November last year slashed excise duty on petrol and diesel Rs 5 and Rs 10 per litre respectively.
This move was aimed at offering relief to the consumers by lowering the pump rates. The reduced prices came into effect from November 4 last year.