As if the news of price hike in cars and demonetization was not enough, the Indian buyers have been exposed to the news of hike in the fuel prices. With effect from midnight 1st January 2017 ( 2nd January Fresh Day ) the prices of Petrol and Diesel will be increased by Rs. 1.29 per litre and Rs. 0.97 per litre respectively.
"The Indian Oil Corporation quoted on the matter as follows - "The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant increase in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes"
Now naturally as a result this will increase the cost of having and maintaining a car/ two wheeler. It might not impact the automobile sales but in the wake of demonetization, the price hike will be a burden on an average spender in the economy.
