Mumbai, May 8 (PTI): Unfazed by the skyrocketing global oil prices to $40 a barrel, the government today maintained that the rate of inflation would be reined in below five per cent as it did not foresee much impact of the price spike on domestic prices.

“Nothing that leads me to believe that there will be any drastic change... Let the elections get over,” chief economic advisor Ashok Lahiri told reporters when asked whether soaring oil prices globally impact domestic inflation.

After remaining firm for two consecutive weeks, the rate of inflation fell marginally by 0.14 per cent to 4.26 per cent for the week ended April 24 even as prices of fruits, vegetables, eggs and various manufactured items, including edible oils, rose.

On escalating oil prices, Lahiri quoted petroleum secretary B.K. Chaturvedi’s statement yesterday that “it is going to be reviewed (the impact of increase) and we do not expect any drastic change”.

Crude oil futures had risen to $40 a barrel and concerned over this, the Organisation of Petroleum Exporting Countries (Opec) is slated to meet later this month to discuss what steps the group can take to lower energy costs.