No need for knee jerk reaction due to high crude oil prices: Jaitley
New Delhi, Sep 5 : Finance Minister Arun Jaitley on Wednesday said that there was no need for a "knee jerk" reaction due to high prices of global crude oil.
"There is no straight-line movement of global crude oil prices," Jaitley said at a media briefing after the meeting of the Union Cabinet.
According to Jaitley, crude oil prices edged higher in April and May whereas they calmed down in June and July
"As I am saying these are not situations which merit knee-jerk and panic reaction. There is no straight-line movement in global oil prices," the minister said.
When asked about the country's preparations to deal with any upsurge in global crude oil prices, Jaitley at a press briefing here said: "Policy formulation is never a rigid process."
Recently, geo-political factors such as trade wars fears, upcoming Iran sanctions and conflicts in Middle East along with supply side constraints have led to a sharp increase in global crude oil prices.
The rise in global crude oil prices pushes the domestic cost of petrol and diesel higher as the country is a net importer of crude oil.
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BJP leads in 5 of 7 bypoll seats as counting continues; Congress leads in Karnataka’s Bagalkot
New Delhi: The Bharatiya Janata Party is leading in five out of the seven seats where counting of votes for the by-elections is currently underway, according to early trends.
In Maharashtra’s Baramati, Sunetra Pawar of the Nationalist Congress Party is in the lead.
In Karnataka’s Bagalkot constituency, Congress candidate Umesh Meti is ahead.
The counting process is ongoing, and final results are yet to be declared.
