Which of the following statements is/are correct with reference to the Diesel and petrol prices?

A. Retail petrol and diesel prices are linked to global crude oil prices.

B. The controlled production of crude by Saudi Arabia amid rising demand has been a key factor in boosting oil prices.

C. Both A & B

D. None of these

Explanation:

Diesel and petrol prices have hit record highs across the country, with petrol touching Rs 89 per litre in Delhi, and diesel reaching a new high of Rs 86.30 per litre in Mumbai. Retail petrol and diesel prices are in theory decontrolled — or linked to global crude oil prices. Which means that if crude prices fall, as has largely been the trend since February, retails prices should come down too, and vice versa. The controlled production of crude amid rising demand has been another key factor in boosting oil prices, with Saudi Arabia voluntarily cutting its daily output by 1 million barrels per day to 8.125 million barrels per day through February and March.