NEW DELHI: Amid the ongoing conflict between Russia and Ukraine, the government on Saturday said that it is closely monitoring the global energy markets as well as potential energy supply disruptions.
It mentioned that India is committed to supporting initiatives for releases from Strategic Petroleum Reserves for mitigating market volatility and calming the rise in crude oil prices.
"With a view to ensuring energy justice for its citizens and just energy transition towards a net-zero future, India stands ready to take appropriate action for ensuring ongoing supplies at stable prices," said the petroleum ministry in a statement.
As Russia started a military operation in Ukraine, the piece of crude oil surged drastically. For the first time since 2014 Brent Crude touched above $100 per barrel.
On Friday, April Brent's crude futures contract fell $1.15, or 1.2 per cent, to settle at $97.93 a barrel, after climbing as high as $101.99. India meets most of its energy requirement through imports, hence any increase in crude oil prices affects the country adversely.