Assertion: In India, there is a steep rise in the import of petroleum products.
Reasoning: It is used not only as a fuel but also as an industrial raw material.

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

There is a steep rise in the import of petroleum products. It is used not only as a fuel but also as an industrial raw material. It indicates the tempo of rising industrialisation and a better standard of living. Sporadic price rise in the international market is another reason for the same.