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Which among the following could be a reason for the rising prices of petrol and diesel?
- a)So that people do not use it as frequently
- b)It is intentional
- c)Scarcity of these fuels and increasing demands.
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
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Which among the following could be a reason for the rising prices of p...
The correct answer is option 'C': Scarcity of these fuels and increasing demands.
Explanation:
The rising prices of petrol and diesel can be attributed to the scarcity of these fuels and increasing demands. Let's discuss this in detail:
1. Scarcity of fuels: Petrol and diesel are derived from crude oil, which is a finite resource. As the reserves of crude oil are being depleted, it becomes more difficult and expensive to extract and refine, leading to a scarcity of these fuels. When the supply of a commodity is limited, its price tends to increase.
2. Increasing demands: With the growth of industries, urbanization, and increasing population, the demand for petrol and diesel has been consistently rising. These fuels are widely used for transportation, power generation, and various other purposes. As the demand for these fuels increases, their prices also tend to rise due to the limited supply.
3. Global factors: The prices of petrol and diesel are influenced by global factors such as international crude oil prices, geopolitical tensions, and economic conditions. Fluctuations in these factors can impact the prices of petrol and diesel in the domestic market. For example, if there is a disruption in the supply of crude oil due to geopolitical tensions, it can lead to a spike in prices.
4. Government policies and taxes: Governments play a significant role in determining the prices of petrol and diesel through taxation policies. Higher taxes on fuels can contribute to their rising prices. Additionally, governments may also regulate the prices of petrol and diesel to manage inflation or promote alternative energy sources.
In conclusion, the rising prices of petrol and diesel are primarily driven by the scarcity of these fuels due to limited reserves of crude oil and increasing demands. Other factors such as global influences and government policies also play a role in determining the prices.
Explanation:
The rising prices of petrol and diesel can be attributed to the scarcity of these fuels and increasing demands. Let's discuss this in detail:
1. Scarcity of fuels: Petrol and diesel are derived from crude oil, which is a finite resource. As the reserves of crude oil are being depleted, it becomes more difficult and expensive to extract and refine, leading to a scarcity of these fuels. When the supply of a commodity is limited, its price tends to increase.
2. Increasing demands: With the growth of industries, urbanization, and increasing population, the demand for petrol and diesel has been consistently rising. These fuels are widely used for transportation, power generation, and various other purposes. As the demand for these fuels increases, their prices also tend to rise due to the limited supply.
3. Global factors: The prices of petrol and diesel are influenced by global factors such as international crude oil prices, geopolitical tensions, and economic conditions. Fluctuations in these factors can impact the prices of petrol and diesel in the domestic market. For example, if there is a disruption in the supply of crude oil due to geopolitical tensions, it can lead to a spike in prices.
4. Government policies and taxes: Governments play a significant role in determining the prices of petrol and diesel through taxation policies. Higher taxes on fuels can contribute to their rising prices. Additionally, governments may also regulate the prices of petrol and diesel to manage inflation or promote alternative energy sources.
In conclusion, the rising prices of petrol and diesel are primarily driven by the scarcity of these fuels due to limited reserves of crude oil and increasing demands. Other factors such as global influences and government policies also play a role in determining the prices.
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Which among the following could be a reason for the rising prices of petrol and diesel?a)So that people do not use it as frequentlyb)It is intentionalc)Scarcity of these fuels and increasing demands.d)None of theseCorrect answer is option 'C'. Can you explain this answer?
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