Amid Russia-Ukraine Conflict, Government Assures Fuel Price Stability
NDTV
Government has assured that it is "closely monitoring" potential supply disruptions and is ready to take steps for ensuring supplies at stable prices
Amid escalating tensions arising out of Russia's attack on Ukraine which has led to a sharp spike in crude oil prices, government on Saturday assured that it is "closely monitoring" global energy markets and potential supply disruptions and is ready to take measures for ensuring supplies at stable prices.
"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.
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.
