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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Gangolli Police arrest couple in house robbery case within seven hours
Gangolli: In an operation, the Gangolli police arrested a couple accused of a house robbery within seven hours of the incident.
The accused, identified as Vinayak (41) and his wife Pramila (30) from Gujjadi, were taken into custody following a coordinated investigation by the police team.
The robbery took place on the morning of January 21 when a bag containing jewelry was stolen from a house near Trasi Beach. Among the stolen items were a 16-gram gold necklace, a 16-gram bangle, and three gold rings weighing 3 grams, with the total value of the jewelry estimated at Rs 2 lakh. The culprits fled the scene on a scooty.
Following the registration of the case at the Gangolli police station, SSI Harish R. and a team comprising officers Shantaram, Raju, Nagaraj, Raghavendra, Sandeep Kurani, Maruti Nayak, and Dinesh swiftly gathered intelligence and tracked down the suspects by 8 p.m. on the same day. The stolen gold ornaments and the vehicle used in the crime have been recovered.
The accused were presented before the court, and further legal proceedings are underway.
