The correct answer is (d). Oil companies decide the oil prices in India.
The government of India has deregulated the oil sector, which means that oil companies are free to set their own prices. This is in contrast to the previous system, where the government set the prices of oil products.
The deregulation of the oil sector has led to higher oil prices in India. This is because oil companies are now free to pass on the cost of higher crude oil prices to consumers.
The deregulation of the oil sector has also led to greater competition among oil companies. This has led to lower prices for some oil products, such as gasoline.
Overall, the deregulation of the oil sector has had a positive impact on consumers in India. They now have access to a wider range of oil products at lower prices.
(a) The Ministry of Finance is responsible for the overall economic policy of the government of India. It does not have any direct role in setting the prices of oil products.
(b) Respective State Governments are responsible for the distribution of oil products within their states. They do not have any direct role in setting the prices of oil products.
(c) The Ministry of Petroleum is responsible for the management of the oil and gas resources of India. It does not have any direct role in setting the prices of oil products.