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THE IMPACT OF INCREASE IN PETROLEUM PRICE AMONG MIDDLE INCOME GROUPS
Author Name

Ms. G. S. Poovizhi and Dr.B.Gunasekaran M.Com.,M.Phil.,M.F.M.,MBA.,Ph.D

Abstract

An increase in petroleum prices disproportionately impacts middle-income groups, leading to reduced spending on other goods and services, increased inflationary pressures, and potential economic hardship. The effects are felt directly through higher fuel costs and indirectly through increased costs for transportation, food, and other goods. The increasing of petroleum price actually was caused by the global crisis but government still received negative response from the announcement. Statistic of oil price hike, absolutely this year is the highest increasing amount which the last few years the oil prices normally increase only at an average level. The increasing of petroleum price gave the large impact to many industries such as automobile, transportation, and machinery in many factoring industries. Due to that, in depth study need to be done in order to overcome the impacts from the increasing of fuel price especially to the middle income group.

 



Published On :
2025-04-21

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