High fuel prices forcing people to cut expenditure on health, utilities: SBI report
NEW DELHI: Fuel prices hitting record highs have been a cause for concern since the past few months, so much so that it is now eating into essential consumption expenditure of the common man, says a report by State Bank of India’s (SBI) economic research team.
The report notes that surge in prices of petrol and diesel is making people spend less on other non-discretionary items like grocery, health and utilities, thereby crowding out their demand.
Petrol has crossed the Rs-100-a-litre mark in more than one and a half dozen states and union territories (UTs), while diesel is being sold at over Rs 100 a litre in Rajasthan and Odisha.
