Lagatar24 Desk
New Delhi, Feb 26: In the wake of rising tensions over Russia’s attack on Ukraine, which has resulted in a sharp rise in crude oil prices, the government said on Saturday that it is “closely monitoring” global energy markets and potential supply disruptions and that it is prepared to take steps to ensure stable supplies.
“Government of India 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.
The government is also prepared to release oil from its strategic reserves to reduce market volatility and keep crude oil prices in check, according to the statement.
The government’s assurance comes amid speculation that, due to geopolitical tensions arising from the Russia-Ukraine conflict, petrol and diesel prices, which have remained unchanged for 113 days since November 4, 2021 (when they had come down slightly after excise duty was cut on Diwali), may once again rise.
Meanwhile, according to Reuters, oil prices fell on Friday (February 25) following significant gains earlier in the day, owing to concerns about global supply disruptions caused by sanctions against Russia, the world’s largest crude exporter.
After soaring as high as $101.95, the April Brent crude futures contract declined $1.15, or 1.2 percent, to close at $97.93 a barrel. The more actively traded May contract fell $1.30, or 1.4%, to $94.12.
