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Majority of Indians cutting expenses to cope with high fuel prices: Survey
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SME Times News Bureau | 22 Feb, 2021
As petrol and diesel prices soar to record high levels, and petrol
nearing the Rs 100 mark across metro cities, around 51 per cent Indians
are cutting on their other expenses to manage their spending on fuel
prices, showed a survey by LocalCircles.
Around 21 per cent of
the respondents to the survey said that they are "cutting spending on
essentials and it is painful" for them. Another 14 per cent are dipping
into savings to pay for it.
The survey showed that around 43 per
cent of respondents said that their monthly petrol or diesel bills were
lower due to limited commute or work from home among other factors.
Another 2 per cent reported no spending on the fuels.
On the
question of what the respondents want their state governments to do for
lowering the fuel prices, 32 per cent said that the government should
levy an absolute value of the value added tax (VAT) instead of a
percentage of the base price, and 47 per cent said the rate of VAT
should be reduced.
There were, however, 8 per cent of consumers who said that the current VAT model is "fine".
The
poll showed that 79 per cent of the citizens want their state
governments to take action against rising petrol and diesel prices,
either by lowering the VAT or levying an absolute value of the tax. Levy
of an absolute VAT instead of a percentage VAT on the base price can
help keep the prices relatively lower even if base price of petrol and
diesel rises in the coming months.
The survey by LocalCircles to
understand how Indians are coping with the skyrocketing rise of petrol
and diesel prices in the last 12 months received more than 22,000
responses from citizens located in more than 291 districts of the
country.
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As on 13 Aug, 2022 |
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