The sudden rise in crude prices has prompted the auto industry to worry about the slowdown

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Mumbai, Ta. September 17, 2019, Tuesday

The sudden rise in crude oil prices has raised concerns for the country's auto industry. Local sources say the high prices of crude oil will push the auto industry, which has been facing a severe downturn, for the past few months.

In the last two days, crude oil prices have risen by around 3-5%, making it expensive to own a vehicle. Vehicle sales figures in the country are currently at a historic low.

The price of petrol in the country is currently hovering around Rs 3 to Rs 5 per liter. It is likely to reach Rs 5 in the coming days. Higher petrol prices will put more burden on the pockets of consumers of all types, besides carriers.

Higher petrol prices increase the cost of owning a vehicle. In the current economic downturn, it is considered reasonable to avoid the high cost of transporting vehicles, which is likely to have an impact on vehicle purchases, said one analyst.

According to a study earlier in India, fuel consumption is estimated to be around twenty to fifty percent of the total cost of owning a vehicle in India. However, depending on the cost of the vehicle. Spacing stays on it. Auto industry leaders are claiming that the cost of owning a vehicle is higher in India compared to other countries in the world. This seems to be one of the main reasons for the recent decline in vehicle sales.

The recent downturn in the automotive industry has also hit some other relevant industries. The slowdown in the automobile industry has also affected the trade of transporting transporters in the country as well as the tire industry and the ancillary sector.

Discounts are being provided by manufacturers to increase vehicle sales, although sales do not show expected growth. With the start of the Shraddha period, September sales are also likely to be affected.


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