The Government of India said on Saturday it is closely monitoring global energy markets as well as potential energy supply disruptions as a fall out of the evolving geopolitical situation amid escalation in the Russia-Ukraine conflict.
"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," the Ministry of Petroleum & Natural Gas said in a statement.
"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.
The government's statement came after crude oil prices surged above $100 a barrel this week for the first in more than seven years after Russian President Vladimir Putin ordered a military operation in Ukraine.
( With inputs from ANI )
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