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.

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First Published:Feb 28, 2022 5:17 PM IST