Rising Crude Cost to Hit Indian Motorists

Already under the shadow of demonetization, the heat has been doubled for the Indian population and petrol price also hiked recently. Newbies that are planning to buy new vehicle may put halt to their plan. On the other hand, auto drivers have already made their plan to hike the fare charges starting from this January. This resulted in the towering dilemma between the common people.

Leading automobile industries such as Tata Motors, Hyundai, Renault, and Nissan claimed that they would too raise the price tags of their vehicles starting form 2017. This decision was taken due increase in the expenditure for raw material. Already the population is tensed with the worry about demonetization. The companies claim that the demonetization effect has reduced the crowd in their showrooms. On top of this, the situation got worse with the hike in crude oil.

The predictable hike in prices is an effect of Organization of the Petroleum Exporting Countries and non-Organization of the Petroleum Exporting Countries approving to knock back on manufacture by 558,000 barrels per day.

A first in 15 years agreement witnessed prices around the globe moving North with vehicle owners in various nations being recommended to full up the tank swiftly before the holidays. India—a chief importer of petrol and crude oil—is not protected from world price oscillations and previous Friday witnessed shoot up of petrol prices by over Rs 2 per liter.

This is really a tensed situation. Hope the hike will halt here for the rest of the life…

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