The government on Saturday, 26 February, assured that it was keeping a close watch on the global energy markets and any supply-chain anomalies as the prices of the crude oil rose due to the escalating tensions between Ukraine and Russia, as per a statement issued by the Ministry of Petroleum & Natural Gas.
"Government of India is closely monitoring global energy markets as well as potential energy supply disruptions as a fall out of the evolving geopolitical situation"Ministry of Petroleum & Natural Gas
"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 statement read.
The statement further said the government was prepared to use its strategic oil reserves to keep the fuel prices under control if the need be.
The fuel prices have remained unchanged for 113 days in a row now, after the excise duty was reduced on 13 November, 2021.
There are chances that the prices may be hiked again after the completion of polls in the five states, owing to the fluctuations in the global market caused by the Russia-Ukraine conflict.
Russia's invasion of Ukraine took the price per barrel above $100 for the first time after 2014.
The last major change in fuel prices in India took place on 4 November, 2021, when the excise duty on the petrol and diesel were brought down by Rs 5 and Rs 10 per litre respectively.
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