New Delhi [India], February 26 (ANI): The Government of India said on Saturday it is closely monitoring global energy markets as well as potential energy supply disruptions as a fall out of the evolving geopolitical situation amid escalation in the Russia-Ukraine conflict.

"With a view to ensuring energy justice for its citizens and for just energy transition towards a net zero future, India stands ready to take appropriate action for ensuring ongoing supplies at stable prices," the Ministry of Petroleum & Natural Gas said in a statement.

Also Read | Marathi Bhasha Din 2022: Date, History, Significance of Marathi Language Day and Birth Anniversary Celebrations of Marathi Poet Kusumagraj.

"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," the ministry added.

The government's statement came after crude oil prices surged above $100 a barrel this week for the first in more than seven years after Russian President Vladimir Putin ordered a military operation in Ukraine. (ANI)

Also Read | Julia Fox Makes Some Noise With Her All-Black Latex Outfit and Heavy Eye Makeup at the Milan Fashion Week 2022.

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)