New Delhi: Anticipating that the war on Iraq will not disrupt crude oil supplies to India, government on March 21 said it was prepared for the worst.

"We are hoping for the best. But we are prepared even for the worst," Petroleum Minister Ram Naik told reporters while emphasising that the country would not face any shortage of petroleum products for next two months.

Crude oil and petroleum products have been stocked to meet country's requirement for next two months. "Even if supplies from Persian Gulf are disrupted, it will not have any bearing on India. Since September 2002, we have stocked supplies and have placed advance contracts with countries beyond the conflict zone," he said.

Welcoming the decline in international crude prices, he said, "I would be very happy if they fall to $ 20 a barrel."

Petrol and diesel prices in India have gone up by up to Rs five per litre each since January on firming up of global crude oil prices.

Naik said the state-owned oil companies would keep consumer interest in mind and insulate them from extreme volatilities.

"We are in constant discussion with the Finance Ministry and will see to it that the consumers are not hurt," he added.

PTI