Majority of Indians cutting expenses to cope with high fuel prices: Survey
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.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    rs235m

    2 months ago

    Having done the blunder of voting for BJP for the second term also in spite of their poor performance, people have to cut short the break fast to pay for petrol. Middle class people's tears get converted into money and fills government' s coffers.
    Many vehicle owners will leave vehicles at home and start using public transport and also in villages people will go back to burning firewood to cook."Ache din aayenge "only if BJP is defeated in next election.

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