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Concerned over a spike in crude oil prices in the international markets due to turmoil in West Asia, the Finance Minister, Mr Pranab Mukherjee, on Tuesday said the Government is monitoring the situation and will manage it.
“Unfortunately, because of developments in the Middle East and its impact on the Arab world... (it) is causing uncertainty about production, about availability. We are watching the situation,” Mr Mukherjee told presspersons here.
He pointed out that the country had managed the situation even when crude prices touched a record $147 a barrel in July, 2008. “... At that time also, we had to manage the situation. The Government will take care of it (now),” Mr Mukherjee said.
The Finance Minister’s comments come in the wake of massive protests in Egypt by demonstrators demanding the resignation of the President, Mr Hosni Mubarak.
Severe winter conditions in Europe and the US had already pushed crude oil prices to a two-year high of over $90 a barrel in January, 2011.
In addition, the turmoil in Egypt pushed up the price of Brent crude price to an intra-day high of $102.08 a barrel yesterday, its highest level since late-September, 2008.
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