Open to releases from petroleum reserves: Centre

Given the volatility in global oil prices due to escalating hostilities, India, the world’ third largest oil importer, on Saturday said it is committed to “supporting initiatives for releases from strategic petroleum reserves”.

This stand is keeping in mind the measures being explored for mitigating market volatility and calming the rise in crude oil prices.

Crude oil prices have been on the rise of late and the Russia’s invasion of Ukraine has further fuelled concerns of supply disruption leading to further spike in prices.

In a statement, the petroleum ministry said: “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.” High crude prices are worrying for India as it is dependent on imports to meet 85% of oil demand and 55% of natural gas requirements.