Will intervene to calm oil prices, says minister in Lok Sabha

NEW DELHI : The Indian government is ready to take suitable measures to reduce the market volatility and calm the rise in oil prices, said oil minister Rameswar Teli in the Lok Sabha.

In a written reply to a question in the country’s parliament, he added that the government was closely monitoring global energy markets and any potential energy supply disruptions due to the evolving geopolitical situation between Russia and Ukraine.

While crude oil prices dipped below $110 a barrel on Monday on hopes for progress in Russian-Ukraine peace talks, the conflict rages on, underscoring supply worries.

Oil prices surge will also likely weigh on the country’s trade and current account deficits.