New Delhi Sep 5 (IANS) 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.

--IANS ravi-rv/bg