Due to the continuous increase in the prices of fuel, the budget of the people has been disturbed. In such a situation, many people are cutting the expenses in their health services to manage the expenses.
Other things getting affected by rising fuel prices
The continuous increase in fuel prices is not only affecting inflation, but it is also having a negative impact on the health of the people. Because people are cutting their health expenses to manage the increase in fuel. This has been revealed in a research report of State Bank of India.
According to the report, “Our analysis of SBI card spend indicates that expenditure on health expenditure has come down significantly to accommodate the increased expenditure on fuel. In fact, such spending has significantly increased the expenditure on other goods such as groceries and utility services. The share of non-discretionary spending on items like fuel increased to 75% in June 2021 from 62% in March 2021.
The agency argued that tax rationalization was the only way to bring down fuel prices. Only then people can get relief. The government is continuously increasing through higher excise duty and VAT on petrol and diesel for the increase of revenue. In such a situation, economists are suggesting a reduction in the levy. A recent report by CARE Ratings suggested that petrol in India, which costs more than Rs 100 per liter in many parts of the country, is more than BRICS, Indonesia, Thailand and the US. was more expensive in comparison.
Petrol crosses 100 in 17 states
Now the price of petrol has crossed Rs 100 per liter in 17 states and union territories. These include Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Ladakh, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Bihar, Kerala, Punjab, Sikkim, Puducherry, Delhi and West Bengal.
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