Assertion: Petroleum is referred to as liquid gold. Reasoning: Petroleum is a scarce mineral but has diversified uses.

Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A. Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A. Assertion (A) is true but Reasoning (R) is not correct. Assertion (A) is not true but Reasoning (R) is correct.

Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A.

Petroleum is referred to as liquid gold because of its scarcity and diversified uses.