The government has said that price situation of major essential commodities is monitored on a regular basis and corrective action is taken from time to time. This was stated by Union Minister of State for Finance  Pankaj Chaudhary in a written reply in Rajya Sabha today. He said, several supply-side measures have been taken by the Government to address inflation. The Minister informed that in May, the Central Government cut excise duty by  8 rupees per litre on petrol and  6  rupees per litre on diesel. <br />''<br />''Mr Pankaj Chaudhary stated that soaring commodity prices and pandemic-induced supply-demand imbalances caused a rise in inflation rates worldwide including in India. He added that the Russia-Ukraine conflict has exacerbated the inflationary pressures in crude oil, gas, and metals and further, the onset of summer heat waves has led to crop damage and a rise in vegetable prices, the Minister stated.<br />