The brutal impact of soaring fuel prices is being felt by the entire Indian economy. The present situation compels and threatens to change the way Indians live, eat, enjoy and educate.
Rising fuel prices is continuously affecting the lifestyles as well as influencing the car buying decision of Indians. Consumers are continuously restricting themselves from buying new cars
and even from going for a long drive. No one ever thought that the rise in fuel price will be so devastating.
India raised its petrol and diesel prices by almost 10% in June. June 21, 2008 sees the highest inflation in oil prices since May 6, 1995. The inflation in May 1995 was 11.5% and June 21, 2008 witnessed 11.63%.
Here is a long list of consequences that rising fuel price have made on the Indian car industry
. The results are an output of a consumer survey based on the Indian oil economy regarding the highlights on inflation, oil consumption, oil production, oil imports, and a intensely effected Indian economy due to increase in oil prices.