Rising crude prices: India exploring ways to support International Energy Agency

India, the world's third largest oil importer, has said it is considering ways to support the decision by the International Energy Agency (IEA) and member countries of releasing crude from their national reserves in order to help cool rising prices.

India's Petroleum and Natural Gas Ministry said the government welcomes the announcement by the IEA for collective oil stock release of 120 million barrels, reports our New Delhi correspondent.

"Government of India has also taken note of the US government's decision, late last month to release 180 million barrels from its strategic petroleum reserves over the next six months to calm rising global fuel prices," the ministry said in a statement last night.

"In the interest of collaborating with like-minded countries on these positive initiatives, Government of India is examining what it can do to support these actions," the statement added.

India, as a major consumer of energy, "has consistently espoused the importance of stable, affordable and accessible global energy markets," it said.

India had joined other major oil consumers to release five million barrels of crude from its strategic petroleum reserves in November last year to contain inflationary pressures.

India has for almost last two weeks been hiking the domestic prices of petrol and diesel on a daily basis.