The central government on Saturday said that it is closely monitoring global energy markets and the nation is ready to take appropriate action for ensuring ongoing fuel supplies at stable prices. The Union Ministry of Petroleum and Natural Gas released a statement and said that this step by the government has been initiated with an aim to ensure energy justice for its citizens and for just energy transition towards a net-zero future. The release further said that the Centre is also ready to release oil from its strategic reserves to mitigate market volatility and will also keep a check on crude oil prices. Meanwhile, the fuel prices have not changed for 113 days since November 4 last year. The speculations said that the fuel price might spike up due to the ongoing war between the European countries, Russia and Ukraine.
According to Reuters, the oil prices on Friday dropped after a sharp hike early in the session on concern over potential supply disruptions from sanctions on major crude exporter Russia. On November 4, 2021, the Indian government had cut down excise duty on petrol and diesel prices that had dropped the rates. While the excise duty on petrol was reduced by Rs 5 per litre, diesel was cut down by Rs 10 per litre. On February 26, 2022, fuel prices remained unchanged across metro cities despite crude oil prices rising massively due to the Russia-Ukraine conflict. A litre of petrol is retailed at Rs 95.41 at Delhi and diesel price stands at Rs 86.67 per litre. Mumbai witnessed a litre of petrol at Rs 109.98 per litre and diesel at 94.14 per litre. Fuel rates are still higher in the financial city of India.India had, in November last year agreed to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool international oil prices.