The government is under no obligation to respond to daily and weekly changes in oil prices.

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Niti Aayog vice president Rajiv Kumar said on Wednesday that the government does not need to respond to daily or weekly changes in oil prices as they declined in July after showing a move north a month ago.

Crude oil has gained USD 7 per barrel in a fortnight, driven by fears that US sanctions against Iran are likely to contract supplies.

“Weekly, daily or periodic changes in world prices for oil and raw materials must be observed, but they do not necessarily have to be answered.

“Prices went up in June, but then declined in July, is not it? The same situation can happen again, therefore, policy can not be an instinctive reaction to periodic events in the markets,” Kumar said.

The prices of gasoline and diesel in the country have been rising due to a sharp increase in world crude oil rates┬áCongress leader P Chidambaram blamed the NDA government for the increase in gasoline and diesel prices, saying it was happening due to “excessive taxes”.

Responding to a question about the reasons for the economic slowdown in 2016-17, he said that it was not due exclusively to demonetization, but that there were other responsible factors as well.

“Simple point, what I am saying is that the deceleration of economic activity during 2016-17 was not an exclusive result of demonetization, but also a result of the downward trend in economic activities that began in the last quarter of 2015 -16 ” he said

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