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Concerning the Diesel and petrol prices, consider the following statements:
1. Retail petrol and diesel prices are linked to global crude oil prices.
2. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.
Which of the statements given above is/are correct?
1. Retail petrol and diesel prices are linked to global crude oil prices.
2. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Concerning the Diesel and petrol prices, consider the following statem...
Diesel and petrol prices have hit record highs across the country, with petrol touching Rs 89 per litre in Delhi, and diesel reaching a new high of Rs 86.30 per litre in Mumbai.
- The government reasons that global crude oil prices have risen by more than 50 per cent to over $63.3 per barrel since October, forcing oil retailers to increase pump prices.
- Retail petrol and diesel prices are in theory decontrolled — or linked to global crude oil prices. Which means that if crude prices fall, as has largely been the trend since February, retails prices should come down too, and vice versa.
- But this does not happen in practice, largely because oil price decontrol is a one-way street in India. So, when global prices go up, the resultant increase is passed on to the consumer, who has to cough up more for every litre of fuel consumed.
- But when the reverse happens and prices slide, the government, almost by default, slaps fresh taxes and levies to ensure that it rakes in extra revenues.
- The main beneficiary in this subversion of price decontrol is the government. The consumer is a clear loser, as are the fuel retailing companies.
- Brent crude, which was trading at about $40 per barrel between June and October, started rising in November and has gone past the $60 per barrel mark as the global rollout of Covid-19 vaccines gathers pace.
- The controlled production of crude amid rising demand has been another key factor in boosting oil prices, with Saudi Arabia voluntarily cutting its daily output by 1 million barrels per day to 8.125 million barrels per day through February and March.
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Concerning the Diesel and petrol prices, consider the following statements:1. Retail petrol and diesel prices are linked to global crude oil prices.2. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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Concerning the Diesel and petrol prices, consider the following statements:1. Retail petrol and diesel prices are linked to global crude oil prices.2. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Concerning the Diesel and petrol prices, consider the following statements:1. Retail petrol and diesel prices are linked to global crude oil prices.2. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Concerning the Diesel and petrol prices, consider the following statements:1. Retail petrol and diesel prices are linked to global crude oil prices.2. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Concerning the Diesel and petrol prices, consider the following statements:1. Retail petrol and diesel prices are linked to global crude oil prices.2. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Concerning the Diesel and petrol prices, consider the following statements:1. Retail petrol and diesel prices are linked to global crude oil prices.2. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Concerning the Diesel and petrol prices, consider the following statements:1. Retail petrol and diesel prices are linked to global crude oil prices.2. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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