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Oligopoly Market

In: Business and Management

Submitted By ishangupta
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PETROLEUM INDUSTRY is considered to be the backbone of an economy because this is the main source of energy till date. Any economy around the world would fail to proceed a single step in the absence of petroleum industry. Thus, before using this energy source, the crude petroleum is required to be refined in the petroleum refineries for extracting various fractions for energy generation namely, Petrol, kerosene, Natural gas, Asphalt and many more. The most important part of petroleum industry is the petroleum refining industry. Petroleum is basically a non-renewable form of fuel which is subject to extinction from the world after a certain point of time. Petroleum industry is huge and a slight effect on it has a major impact on the economy all over the globe. The resource is scarce and DEMAND is very high thus ultimately results in price hike. Price of petroleum is determined by DEMAND-SUPPLY MECHANISM around the globe. Petroleum Industry in India

* Started during the Fiscal Year 1890 in the north eastern provinces of India especially in the place called Digboi (Assam). * Indian petroleum industry was entirely state sponsored and management and control of all industries involved in it was with the government. * After the inception of...

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