Daily Vocabulary Builder – The Hindu Editorial with Vocabulary
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The Hindu Editorial with Vocabulary – “Slippery slick: On Centre’s oil Policy”
The Centre has tied itself up in knots over its policy on oil pricing.
After a sharp fall at the beginning of the year, oil prices have risen dramatically in recent weeks. The price of Brent crude has risen by around $10 since it touched a short-term low of around $62 in early February, hitting its highest mark since late 2014. Tensions in West Asia after U.S. President Donald Trump’s decision to strike Syria helped push up prices. But it is important to separate short-term volatility in oil prices owing to geopolitical tensions from longer-term trends in the oil market. In its latest market report, the International Energy Association (IEA) noted that with oil prices ruling over $70, the Organisation of the Petroleum Exporting Countries (OPEC) has “accomplished” its goal of ending the glut in global oil supply. Notably, OPEC cut production by around 201,000 barrels a day in March compared to February. Yet, total world oil supply actually rose by 180,000 barrels a day in March, as output from non-OPEC countries, including the U.S., has been increasing in response to higher oil prices. IEA executive director Fatih Birol said last week that the next wave of shale supply may be in the offing as oil prices have remained high for some time now.
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In India, rapidly rising international crude oil prices have failed to push local petrol and diesel prices upwards in equal measure. The retail selling prices of petrol and diesel across major Indian cities have in fact risen by less than a rupee since the beginning of April. That is, they are not in sync with the upward rise in crude oil prices. Last week, Prime Minister Narendra Modi called for more ‘responsible’ oil prices, which he said have been in “roller coaster” mode for too long. Oil prices, he argued, need to factor in the interests of both consumer and producer. This assertion, along with the talk of allying with China and other Asian countries now to buy oil from OPEC members at lower prices, would have held more weight if the government’s actions matched the sentiment. It has imposed high duties on petroleum products ever since crude oil prices started moderating in 2014, but has been to scale down those duties in the face of rising prices, leading to record pump level prices. This clearly doesn’t benefit the consumer. Now, with the general elections about a year away and critical Assembly polls in Karnataka just a month away, the Centre is being cautious not to have higher oil import costs passed on to consumers. This flies in the face of the pricing freedom it had ostensibly granted to the oil marketing companies and packaged as a major deregulation reform. So its stance hasn’t benefited the producers either, as is reflected in their falling stock prices. How the Centre responds to rising international crude oil prices was always going to be the litmus test of its commitment to fuel price deregulation. In the current situation, it appears that the government has only tied itself up in knots over the petroleum pricing policy, and with it, its reformist credentials.
Vocabulary Words from The Hindu Editorial
1. Volatile(adjective) परिवर्तनशील/ बदलने के योग्य : Likely to change suddenly and unexpectedly or suddenly become violent or angry (A situation that is volatile is likely to change suddenly and unexpectedly.)
Synonyms: Fickleness Inconstancy Changeability Capriciousness, Impulsive, Unsteady, Mercurial
Antonyms: Unvarying, Stationary, Stable, Immutable
Example: The investment required could run into billions of pounds as our weather becomes increasingly volatile.
2. Glut(noun) भरमार/ आधिक्य : An excessive amount, as in the production of a crop, often leading to a fall in price)( an excessively abundant supply of something.)
Synonyms: Surplus, Excess, Surfeit, Superfluity, Plethora, Superabundance, Profusion
Antonyms: Dearth, Scarcity, Lack, Deficiency
Example: The supply glut means many of the storage facilities are close to capacity.
3. In the offing (idiom) होनेवाला है : Likely to happen or appear soon.( If you say that something is in the offing, you mean that it is likely to happen soon.)
Synonyms: Upcoming, Forthcoming, Imminent, Coming-Up
Antonyms: Distant, Unlikely, Implausible
Example: But when an operation was in the offing he would soon find himself restored to sergeant, and the leadership of his demolition squad.
4. Factor in something(idiom) पहलुओं को ध्यान में रखना : To consider information, esp. as something that might influence a result.
Synonyms: Take Account Of, Acknowledge
Antonyms: Ignore, Disregard
Example: It’s going to feel like 110° there when you factor in the humidity.
5. Reluctant(adjective) अनिच्छुक/ असन्तुष्ट : Not willing to do something and therefore slow to do it(not eager; unwilling; disinclined) – If you are reluctant to do something, you are unwilling to do it and hesitate before doing it, or do it slowly and without enthusiasm.
Synonyms: Unwilling, Disinclined, Unenthusiastic, Grudging, Resistant
Antonyms: Willing, Eager, Ready
Example: You may be reluctant to join a sociable dance class at first, but it could lead to a love meeting.
6. Scale down(phrasal verb) घटाना/ न्यूनता करना/ उचित अनुपात में बड़ा, छोटश बनाना : To make something smaller in size, amount etc than it used to be. (If you scale down something, you make it smaller in size, amount, or extent than it used to be.)
Synonyms: Curtail Dwindle, Mitigate, Reduce
Antonyms: Scale-Up, Extend, Enlarge, Expand
Example: One of the major company ABC has had to scale down its workforce from 1000 to 200 only.
7. Fly in the face of (idiom) पूरी तरह से विरोध करना/ आक्रमण करना : To be or act in clear opposition to something else. (be openly at variance with (what is usual or expected).
Synonyms: Defy, Oppose, Disregard, Go Against, Flout, Disobey
Antonyms: Conform, Obey, Comply
Example: That was a scientific analysis, and you couldn’t fly in the face of science.
8. Ostensible (adjective) नज़र आने वाला/ दिखावटी/ काल्पनिक: Stated or appearing to be true, but not necessarily so. (apparent; seeming; professed)
Synonyms: Delusive, Unreal, Supposed, Insubstantial, Superficial, Apparent
Antonyms: Real, Genuine, Veritable
Example: The ostensible purpose of an organisation is rarely its real purpose.
9. Litmus test(idiom) परीक्षा सच्चाई की : A test used to determine someone’s true intentions or beliefs or a decisively indicative test.(If you say that something is a litmus test of something, you mean that it is an effective and definite way of proving it or measuring it.)
Synonyms: Sign, Signal, Indication, Proof, Measure
Example: It is regarded as a litmus test of his growing popularity in the city of 18 million people.
10. Tied one up in knots(idiom) किसी को भ्रमित करना : To confuse someone or To make oneself confused, anxious, worried, and/or upset, as when trying to make a decision.
Synonyms: worry, panic, fret, puzzle
Antonym: Simplify, Clear, Systematic
Example: In the SBI PO exam. SBI tied me up in knots by asking tricky questions.
Word of the Day – “Longanimity”
- Longanimity (Verb) सहिष्णुता, सहनशीलता, सब्र, धैर्यशीलता, संतोष, कष्ट सहने की शक्ति
- Meaning:- The capacity to accept or tolerate delay, trouble, or suffering without getting angry or upset
- Synonyms: Forbearance, tolerance, restraint, self-restraint, stoicism, calmness, composure, equanimity.
- Antonyms: Cowardice, indifference, impatience, intolerance.
- Example: Grandmother bore the trials and tribulations of her life with extreme longanimity.
- उदाहरण: दादी ने अपने जीवन के उतार-चढ़ावों का सामना बहुत ही सहिष्णुता से किया था।
Quote of the Day
“I hated every minute of training, but I said, “Don’t quit. Suffer now and live the rest of your life as a champion.”” Muhammad Ali
“मुझे अपने प्रशिक्षण के प्रत्येक क्षण से नफरत थी, लेकिन मैंने कहा, “हार नहीं मानो। अभी कष्ट उठा लो और शेष जीवन विजेता की तरह जियो।”” मोहम्मद अली
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