Find out the rate of Petrol, Diesel & LPG cylinder and compare itwith the rate of 2010. What do you think there is hike in the rate? Write your views in your Social Science notebook in 60-80 words.
Answers
Answer:
It is important to know the character and scope of the oil and fossil fuel industry, who are the prime players of the industry, and who are the industry stakeholders before answering these questions. Let’s take a fast glimpse at these points. Indian is one amongst the world’s biggest oil consumers. Among all industry lines, oil and gas (ONG) industry features a significant impact on the expansion of the country’s economy and Gross Domestic Product (GDP). It accounts for a minimum of 15% of GDP. The industry operates in three segments: 1) upstream, 2) downstream, 3) midstream. The upstream segment covers all activities associated with exploration and production. The midstream segment deals with stowage and transportation of fossil fuel and crude. The downstream segment deals with fabrication and refining of petroleum products, storage, transportation and marketing of commodities like gas and fossil fuel.