Consider the following statements Petrol and Diesel prices in India are Determined by State governme...........

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Consider the following statements. Petrol and Diesel prices in India are

Determined by State governments based on the intimations given by the Oil Marketing Companies (OMCs)
Revised on a fortnightly basis in alignment with international crude prices

Which of the above is/are correct?

1 only

2 only

Both 1 and 2

None

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Explanation:

Statement 1 and 2: They are market determined. Moreover, since June 16 this year, petrol and diesel prices across the country have been revised on a daily basis, against the previous policy of revising prices every

fortnight. By opting for daily pricing, India has joined advanced countries like the United States and others which follow the practice. Amid protests against the recent spike in petrol and diesel prices, the government has ruled out the possibility of an end to the recently introduced policy of revising fuel prices daily.