India will take these steps to reduce oil prices, know what is the government’s plan?

India, the world’s third-largest energy importer and consumer, said on Saturday that it is looking at global energy markets for fear of any supply disruption due to the conflict between Russia and Ukraine. Keeping a close eye. India also said that it will support the release of oil from strategic reserves to prevent prices from rising.

As a result of Russia’s attack on Ukraine, international oil prices on February 24 reached an all-time record of US$ 105.58 per barrel in seven years. After this, after the imposition of sanctions on Russia by the West, these rates came down and they came to $ 100 per barrel.

“The Government of India is closely monitoring global energy markets to identify energy supply disruptions resulting from the changing geopolitical situation,” the oil ministry said in a statement. India stands ready to take appropriate steps to ensure that the current supply continues at stable prices.

The statement did not make any mention about the impact of the increase in international prices on consumer prices. “India is also committed to supporting the initiative to release oil from strategic petroleum reserves, to reduce volatility in the market and to contain the rise in crude oil prices,” it said.

In order to bring down oil prices at the international level, India, along with the US, Japan and other major economies, had agreed to release 5 million barrels of crude oil from its emergency reserves in November last year. Then the international price of crude oil was 82-84 per barrel. The statement did not say in what quantity India would release crude.