Daily Editorial Cloze Test Quiz – 57

Editorial Cloze Test Quiz

Petrol and diesel prices have crept up slowly _______(1)________the last three months, but without inviting the kind of anger and criticism usually directed at such fuel price hikes. The price of petrol in Delhi, for instance, has cumulatively increased by ______(2)______₹5 since the introduction of the daily pricing policy on June 16 this year. Daily pricing is now ______(3)_______by many as a ploy to increase prices while allowing the government to escape any political backlash. The government, for now, has ruled out any change to the current pricing policy arguing that it, in fact, ensures that the benefit of lower international crude oil prices is passed on to domestic consumers. A _______(4)________of crude oil prices with domestic petrol and diesel prices, however, suggests that this argument is far from convincing. In 2012, when India purchased a barrel of crude for around $120, a litre of petrol was sold at around ₹65 in retail fuel stations. Today, when the Indian crude basket price _______(5)________to around $50, the retail price of petrol is well over the ₹70 mark. This does not come as much of a surprise. The deregulation of petrol and diesel pricing, in 2010 and 2014 respectively, caused fuel prices to be determined primarily by the forces of supply and demand rather than input costs. Traditionally, fuel prices were determined on a cost-plus basis, which led domestic prices to fall in line with the cost of inputs like crude oil.

Editorial Cloze Test Quiz

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