AMN / NEW DELHI
The government og India has said that the geopolitical tension between Russia and Ukraine has led to global supply disruptions resulting in steep increase in global commodity prices including prices of crude oil, gas, edible oils and fertilizers, among others.
In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhury said the government is closely monitoring the global price movements and their impact on the country’s economy through trade.
He said to ensure security of crude supplies and to mitigate the risk of dependence on crude oil from a single region, Oil Public Sector Undertakings have diversified its petroleum basket and are procuring crude from countries located at various geographical locations like West Asian countries, Africa, North America, South America.
The Minister said in addition, Centre is also committed to supporting initiatives for releases from Strategic Petroleum Reserves for mitigating market volatility and calming the rise in crude oil prices.