JOIN USFuelling resentment among people
Nothing could have been more dastardly for the common man than the recent hike in petrol prices which are now Rs 70 per litre and above. The budget of every household has gone awry.
Yuppies who thought of saving something for the future are finding it difficult to fuel their dreams. The older folk find it hard to strike a balance between the increase in expenditure and their meagre allowances.
The fuel price hike has forced people to think about alternative means of transport like the bus. Suddenly, the Metro rail and even the Reva car appear to be viable options. And some others have put their plans to buy a new car on the back burner, for the time being at least, until things stabilise.
Metrolife interacted with a few people to understand the repercussions of the petrol price hike on their budget. Market analysts think a price hike at this point in time was uncalled for.
At a time when the inflation is at an all-time high and refuses to yield, a petrol price hike will only trigger a price rise of other commodities. Economists reason that this price rise will hit hard the ordinary people than the rich class.
Abdul Aziz, a visiting professor at the Institute for Social and Economic Change (ISEC) points out that this rise is sure to jack up the price of other things.
“Those who use their vehicles to office, especially the middle class will be affected the most. It’s the middle class which will have to make the compromises. This rise won’t make a difference to the rich whose income remains consistent,” he said.
People have begun making adjustments to their budget and cutting down on luxurious items. And travel plans too have been affected in a big way. Anjana Mani, a teacher says the recent hike in petrol prices will trigger inflation in the economy.
“The ripple effect of this is likely to be seen in the prices of consumer products. Travel too could dent the common man’s pocket,” she said. Abin J John, a software professional with McAfee owns a bike and two four-wheelers. He uses his car and bike to travel to the office but now after the hike he’s decided to commute only by bike.
“I use my jeep for long drives and now I will use my bike more often so that I can reduce the petrol expenses. I thought I would replace my Zen with a diesel car which is a cheaper option,” he said.
Abin feels if this hike in petrol price persists, then more people will start using the public transport. Ranjith K P, another IT professional terms the recent hike as a ‘short-sighted’ and ‘thoughtless’ move by the government.
“I have to cut down on all my expenses and change the way I spend every penny. I am anxious about how I will manage my expenses,” said Ranjith who confesses that he had plans to buy a four-wheeler but has changed his mind, thanks to the hike.