March 15, 2022
NEW DELHI – The government is closely monitoring global energy markets as well as potential energy supply disruptions as a fall-out of the Russian invasion of Ukraine, Minister of State for Petroleum and Natural Gas Rameswar Teli said today.
In a written reply in the Rajya Sabha, he said the geopolitical situation between Russia and Ukraine has resulted in a steep increase in global crude oil and gas prices.
”The Government of India is ready to take all appropriate action, as deemed fit, for mitigating market volatility and calming the rise in crude oil prices.” he said.
Teli noted that in November 2021, in a bid to control inflationary pressures, the government, in consultation and parallelly with major energy consumers, had agreed to release five million barrels from its Strategic Petroleum Reserves.