Fuel prices are continuously increasing across the world. The automobile industry as well as the consumers are bitten by the soaring fuel price that is also casting shadow on the entire economy.

The Indian Government has recently raised the domestic fuel prices by Rs 5 per litre of petrol and Rs 3 per litre of diesel. The estimated unleaded petrol price in the country is about Rs 56 per litre. Countries like Russia, Malaysia, China, UAE, Saudi Arabia and Venezuela have witnessed a comparatively lower price hike. In Turkey, the gas prices have switched over to almost 119 Indian Rupees per litre and petrol stations in UK are selling oil at a price of Rs 103 per litre. This seems to be much higher as compared to India. Even though, the oil price has drastically increased in the country, people should be thankful that Indians are not paying an extreme high amount like those in Turkey and UK.

Car manufacturers are worried with the increasing fuel prices. But, how does that affect them. Fuel prices have never been a source of marketing vehicles and boosting sales. Those who have to buy cars will buy the desired model irrespective of the hike in fuel prices. Yes, of course this hike will impact the petrol cars. Today most of the car models are available with their diesel versions and therefore the car market will gradually rise again.

Gradually, diesel has become a favourite choice for many car buyers because of innovative and advanced diesel engine technology. Other alternative fuels like CNG (Compressed Natural Gas) and LPG (Liquefied petroleum gas) has also welcomed by the consumers. These alternative fuels are believed to have better fuel efficiency and are much cheaper than petrol and diesel.