Fuel dispensers in India are being upgraded to support 3-digit petrol and diesel price display. An indirect warning from the retailers, the rising prices may not stop anytime soon before touching the 100-mark. The values are an all-time high, with petrol and diesel retailing for INR 91.34 and INR 80.10 respectively in Mumbai. The problem is with the old machines as they were programmed to display two-digits on the left of decimal value and needed an upgrade to support the third digit. Indian rupee is again witnessing a fall in comparison to US dollar, leaving 1 USD equal to INR 73.73 presently.
The government is still not making an excise duty cut as they fear a loss of revenue that comes from the fossil fuels. The result of high fuel price can be seen across the public sector pricing of services, with bus tickets costing more than what they were in October last year and prices of commodities going up by a considerable margin. The high diesel price means more cost for transporting food from one place to another while high petrol cost means bigger fuel bills for cars and motorcycles. The price for taxi services will also rise with increasing fuel prices.
The only way a person can save some money is finding an alternate way of transport that is eco-friendly and more cost-effective. Covering small distances like a trip to the market by foot or on a bicycle can help masses save time and fuel than waiting on congested traffic lights. The effect of rising fuel prices around the festive season can also have some indirect effect on vehicle sales, with tight budget buyers skipping the idea of owning something that will cost them more than usual in this part of the year. Expecting a strong rupee position is the only hope for the Indian users.
