India has taken the decision to release five million barrels of crude oil from the strategic petroleum reserves (SPRs). India will release crude oil in tandem with countries like the US, Japan, China, Britain and the Republic of Korea. This decision has been taken with an aim to get down the prices. India has about 26.5 million barrels of oil in its reserves. The US will release 50 million barrels of crude from its strategic petroleum reserve. US President Joe Biden tweeted, “The Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas and oil prices for Americans.” Excise duty on petrol and diesel had also been cut by Rs 5 & Rs 10 respectively. Watch the video to know more.