Multiple Choice Questions on Since the end of June 2014 the international crude oil price declined by about 50 Of this about 17 r........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Since the end of June 2014 the international crude oil price declined by about 50 Of this about 17 r...........

Economic Affairs Inflation
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    Since the end of June 2014 the international crude oil price declined by about 50%.Of this, about 17% (representing about 34% of the overall decline) was passed on to consumers while the government retained the rest.

    Which of the above statement justifies the Government actions?

    Government doesn’t want to share the margin with the people.

    Incorrect Answer

    It wants to provide a necessary cushion to absorb the effect of higher oil prices in the future.

    Correct Answer

    Government of India had fixed the prices of its crude import by the past MOU with importing nation. 

    Incorrect Answer

    The cost of refining has gone up significantly in the last few months.

    Incorrect Answer
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    Explanation:

    2nd option is correct i.e. It wants to provide a necessary cushion to absorb the effect of higher oil prices in the future.

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    Sahil rana

    Error in explanation. 2nd option is correct.

    0 0 reply
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