SUMMARY: On Thursday (3rd November) oil companies yet again hiked petrol prices by Rs. 1.8 litre to counterbalance the fall in rupee that has made the imports of crude oil even more expensive. After Thursday’s rise, petrol in Delhi will cost Rs. 68.64 a litre This Is the second hike in petrol prices in less than two months and the fifth this year, the first hike in the last two months took place on the 16th of September when state owned oil firms such Hindustan Petroleum and Bharat Petroleum increased prices by Rs. 3.14. In June last year to help prevent price hikes the government deregulated many restrictions but it seems those didn’t help much. The Finance Minister, Pranab Mukherjee also defended the Government's move to raise prices of petroleum products saying the country does not control fluctuations in the global market and must keep its own economy balanced.
RESPONSE: This article shows a clear example of a topic being discussed in my micro economics class, people must face the cost of necessities and it is the government’s job to keep the prices of these necessities from regular fluctuations and increments. Petrol is one of the few things that have become a necessity over the past five decades, with these price hikes many public transportation companies. Such a company is the Blue Line bus service, who has to increase its bus ticket prices, making people either under or just above the poverty line, commute around the city more difficult and more expensive than it already is. This also affects the middle working class because due to these petrol hikes fewer buses and auto rikshaw’s are deployed into the city by companies rendering the possibility of many employees arriving late for work on a more regular basis, which then impacts the entire economy in a negative direction.
VOCABULARY: subsidy
A) Government was still providing substantial subsidy despite some recent rate hikes.
B) a grant or contribution of money
a. Origin: 1325–75; Middle English subsidie
C) Sanjay Narang provided to Woodstock enough subsidy to build a new dormitory.
VOCABULARY: quantum
A) The quantum had swelled to rs. 1.52 a litre
B) quantity or amount
a. Origin: 1610–20; noun use of neuter of Latin quantus
C) I find studying quantum numbers in math extremely challenging
VOCABULARY: fiscal
A) Three firms would end this fiscal with 132,000 core of loss on three products
B) Of or pertaining to financial matters in general
a. Origin: 1530–40; < Latin fiscālis.
C) At the end of the fiscal year, I had saved more than rupees five hundred from my pocket money which is three hundred more than the year before.
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