New Delhi: The government said on Tuesday that it is keeping a close eye on emerging geopolitical developments and will make "calibrated interventions" to keep fuel prices under control in the common man's benefit.

Minister of State for Finance Pankaj Chaudhary said the Wholesale Price Index (WPI) subgroup comprising crude petroleum and natural gas, fuel & power is closely tied to crude oil price changes. In response to a question in the Rajya Sabha about whether the government will reduce excise duty to keep fuel price escalation due to the Ukrainian crisis under control, Chaudhary said the public sector oil marketing companies (OMCs) make appropriate pricing decisions for petrol and diesel based on their international product prices, exchange rate, tax structure, inland freight, and other cost elements, among other factors.

"The government is keeping a close eye on these issues, as well as emerging geopolitical circumstances, and will make calibrated interventions as and when necessary to protect the interests of the ordinary man," he said. India buys nearly 85% of its oil from other countries, making it one of the most vulnerable countries in Asia to rising oil costs.

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