Amid the ongoing conflict between Russia and Ukraine, the Ministry of Petroleum and Natural Gas on Saturday said that the Indian government is closely monitoring the global energy markets as well as potential energy supply disruptions.
In a statement, the ministry said that 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.
"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," it added.
On Thursday, Russia's invasion of Ukraine boosted oil prices above $100 per barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.
On Friday, April Brent crude futures contract fell $1.15, or 1.2 per cent, to settle at $97.93 a barrel, after climbing as high as $101.99.
India meets most of its energy requirement through imports, hence any increase in crude oil prices affects the country adversely.
Earlier on Saturday, Ukraine's foreign minister Dmytro Kuleba called for full isolation of Russia, including an embargo on the purchases of Russian crude.
"I demand the world: fully isolate Russia, expel ambassadors, oil embargo, ruin its economy," Kuleba wrote on Twitter.
Russia is one of the world's largest oil producing country.
(With inputs from agencies)
Also Read: Russia-Ukraine war may hit Indian tea industry
Also Read: Cabinet allows up to 20% FDI in IPO-bound LIC under automatic route: Report