homevideos Newsmarket Newscommodities NewsRussia Ukraine crisis: May consider releasing oil from strategic petroleum reserves, says MoPNG
Russia-Ukraine crisis: May consider releasing oil from strategic petroleum reserves, says MoPNG
“Government of India is closely monitoring the situation," said Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas (MoPNG).
Crude oil prices spike to above USD 100 a barrel on escalating geopolitical issues. In India, the rising oil prices have the potential to alter the inflation print. CNBC-TV18's Managing Editor, Shereen Bhan spoke to Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas (MoPNG), about the Russia-Ukraine crisis and steps the government is taking to address the rise in oil prices.
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“Government of India is closely monitoring the situation. Because of the volatility in terms of impact on price, we also stand ready with our partners to collaborate for considering a release from our strategic petroleum reserves. We would support initiatives in the international energy agency also” he said.
For more, watch the accompanying video.
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First Published: Feb 28, 2022 5:17 PM IST
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