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42% Indian households would cut discretionary spending if petrol, diesel prices rise: Survey

LocalCircles conducts a survey to understand how much of a fuel price increase can households absorb. One in two households believe their earnings will dip in 2022.

February 26, 2022 / 05:18 PM IST
Prices of petrol and diesel in India witnessed a record high in 2021.

Prices of petrol and diesel in India witnessed a record high in 2021.

A recent survey conducted by LocalCircles has revealed that one in two Indian households believe that their earnings and savings will reduce in 2022.

Prices of petrol and diesel in India witnessed a record high in 2021 hovering between Rs 100 and Rs 110 per litre in most cities for petrol and for diesel between Rs 90 and Rs 100. The Union government’s announcement to reduce excise duty on petrol and diesel came as a breather as many states reduced the value-added tax (VAT) shortly after.

However, given the current situation in Ukraine following the Russian invasion, the prices are likely to increase again and adversely affect how much essentials and other goods will cost and how people draw up their personal finance.

Also read: India monitoring energy market, will release crude from strategic reserves if needed