NEW DELHI, 27 February 2022, (TON): India, the world’s third largest energy importing and consuming nation, said “it is closely monitoring the global energy markets to track any supply disruptions following the Russia-Ukraine conflict, and will support the release of oil from strategic storage to cool prices.”

International oil prices climbed to an over seven-year high of USD 105.58 on February 24 over concerns of supplies being disrupted as a result of Russia attacking Ukraine.

The rates have cooled to below USD 100 as western sanctions against Russia kept out energy supplies.

An oil ministry statement said “the 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.”

While supply routes remain open, prices are likely to pinch. Petrol, diesel and cooking gas rates continue to be on the election-related freeze for nearly four months now, but PSU oil firms are expected to pass on the elevated global oil prices to consumers soon after elections in Uttar Pradesh end next month.