English Typing
Paragraph
The
price
of
oil
has
been
shooting
up
for
weeks
now,
with
Brent
crude
oil
futures
hitting
their
highest
level
in
more
than
three
years
on
Monday,
at
more
than
$75.
But
for
two
weeks
now,
the
state-owned
oil
companies
have
kept
petrol
and
diesel
prices
unchanged.
Since
April
24,
the
oil
companies
have
abandoned
the
daily
price
revision.
Since
then,
the
prices
of
petrol
and
diesel
in
the
national
capital,
for
instance,
are
stuck
at
74.63
and
65.93,
respectively.
This
is
a
glaring
freeze,
given
that
since
the
Centre
introduced
the
dynamic
pricing
mechanism
in
June
last
year
allowing
oil
marketing
companies
(OMCs)
to
revise
fuel
prices
daily,
the
retail
prices
of
various
domestic
fuels
had
been
on
a
steady
uptrend
owing
to
the
steep
rise
in
international
crude
oil
prices.
The
price
of
Brent
crude
oil,
it
is
worth
noting,
has
rallied
by
more
than
50%
since
June
last
year.
Against
this
background,
domestic
fuel
prices
were
raised
to
their
highest
level
since
late-2013
last
month
until
the
price
freeze
began
on
April
24.
The
new
pricing
mechanism
also
caused
prices
to
show
more
volatility
on
a
daily
basis
compared
to
the
earlier
regime
when
prices
were
revised
periodically,
mostly
on
a
fortnightly
basis.
Further,
the
rise
in
domestic
fuel
prices
in
response
to
rising
crude
oil
prices
has
been
quite
inelastic
recently.
Petrol
and
diesel
prices
rose
by
1
to
2%
in
April
while
Brent
crude
rose
by
more
than
8%.
This
comes
as
a
pleasant
surprise
considering
that
domestic
fuel
prices,
which
while
not
falling
to
an
equal
extent
when
crude
prices
witness
a
sharp
drop,
generally
keep
pace
with
any
rise
in
oil
prices.The
retail
price
of
petrol
is
a
hot
political
subject
and
successive
governments
at
the
Centre
are
routinely
held
responsible
for
it.
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