Q. Consider the following statements:
1.Government controls the prices of petrol and diesel.
2.India has strategic reserve that can last up to 25 days
Which of the statements given above is/are correct?
Answer: D
Notes:
In July 2010, government implemented the deregulation on petrol. In 2014, the government decontrol diesel.
India’s SPR(Strategic petroleum reserve) is managed by the State-controlled Indian Strategic Petroleum Reserves Limited (ISPRL),which was set up in 2004 as a wholly owned subsidiary of Indian Oil and then handed over to Oil Industry Development Board (OIDB) in 2006. Under Phase I, ISPRL established petroleum storage facilities with total capacity of 5.33 million tonnes (MT) at 3 locations: (i) Vishakhapatnam (1.33 MT), (ii) Mangaluru (1.5 MT) and (iii) Padur (2.5 MT), all of which have been filled with crude oil. This will be sufficient to meet nine and a half days of India’s crude requirement.
Source- Article
