3. Dismantling of administered price mechanism for fuels is being deemed as a significant piece of economic reform. Analyse. Also, discuss how the recently introduced dynamic fuel pricing can prove to be beneficial for both the OMCs as well as consumers.

Approach:

♤ Begin with a brief introduction about administered price mechanism.

♤ Then, write about the benefits of the initiative (dismantling of APM) for Indian economy as a whole.

♤ Then explain recently introduced dynamic fuel pricing.

♤ Further give arguments for the benefits of dynamic price mechanism to OMCs and consumers.