New Delhi: Amid escalating tensions following the Russian invasion of Ukraine which also led to a sharp hike in crude oil prices, the Centre has assured that it is closely monitoring the global energy market and potential supply disruptions. 
The government has assured that it will take measures for ensuring an adequate supply of fuel at a stable price. 
"Government of India is closely monitoring global energy markets as well as potential energy supply disruptions as a fall out of the evolving geopolitical situation. 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," a statement issued by the petroleum ministry said.
Ministry has further stated that the government is also ready to release oil from its strategic reserves to mitigate market volatility and keep a check on crude oil prices.
With the assurance of the Centre, the hike of petrol and diesel prices is unlikely at least the competition of the elections in five states including Uttar  Pradesh. 
The diesel and petrol prices remain unchanged for 113 days now since November 4, 2021. Now it has been stated that geo-political tensions may reason for a hike in fuel prices. 
Russia- Ukraine conflict has trigged market turbulences, the gold price has increased, the market experts say that fuel price would also increase, but government assured there will be no change in fuel prices. 
Oil prices slipped on Friday (February 25) after sharp rises early in the session on concern over potential global supply disruptions from sanctions on major crude exporter Russia, Reuters reported. 
The April Brent crude futures contract fell $1.15, or 1.2 per cent, to settle at $97.93 a barrel, after climbing as high as $101.99. The more active May contract shed $1.30, or 1.4 per cent, to $94.12.
US West Texas Intermediate (WTI) crude fell $1.22, or 1.3 per cent, to settle at $91.59 a barrel, after hitting a session high of $95.64.
For the week, Brent rose about 4.7 per cent, while WTI was on track to rise about 0.6 per cent.
On February 24, Russia's invasion of Ukraine boosted prices above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade, Reuters said further.
Indian government on November 4, 2021, had slashed excise duty on petrol and diesel prices which had brought down the rates to some extent. Excise duty on petrol was reduced by Rs 5 per litre while on diesel it was reduced by ₹ 10 a litre.