Union Petroleum and Natural Gas minister Dharmendra Pradhan said on Saturday that the there is no need to panic about oil prices owing to present tensions between Iran and the US.
"The government has taken a position to wait and watch and there is no need to panic," he said on the sidelines of a CII event here.
There are tensions in the Persian Gulf due to geo-political reasons, the union minister said.
"There is no dearth of crude oil in the global market. Yes there has been some spike in oil prices, but for the last two days it is subdued", Pradhan added.