Even though, with the boom of electric vehicles, the core reason for people’s shift to electric vehicles were said to be due to the increase in crude oil prices, but from a recent research the statistics say that it is also because people have started becoming more environmental friendly and wants to make the change and make a shift in their choices that would help them further in sustaining a better life in this earth.
Since June 2017, gasoline prices in India have been checked daily, a concept known as dynamic fuel pricing law. 6:00 every day. At 12:00 am, the prices of gasoline and diesel are being revised. Previously, the price he had revised every two weeks. Gasoline prices are influenced by several factors. These include the Rupee to US dollar exchange rate, crude oil prices, global indices, fuel demand, and more. Along with the rise in international crude oil prices, Indian prices are also rising. Gasoline prices include consumption tax, value-added tax, and dealer fees. VAT rates vary by state. Add in sales tax, dealer fees, and consumption tax, and the retail price of gasoline nearly doubles. Fuel prices are revised daily under this system to reflect global oil prices and currency exchange rates. The system is in use at 58,000 petrol stations in India. This system improves transparency and addresses the complexities associated with previous bi-weekly overhauls. This allows fuel consumers to pay a market-determined price regardless of the impact. There are two types of gas stations:
There are automated ones that change rates automatically without human intervention and non-automated ones that require manual correction.
The second most important factor is the infrastructure. Before buying an EV everyone would always ensure if there are charging stations and yes, with the increasing demand for EV’s, there has been an increase in the number of charging stations near us, which has again made it easier for people to opt EV as a great vehicle choice.
A third factor contributing to the uptake of electric vehicles? Long-term cost savings. A recent report from Blink Charging explains the difference in annual running costs between gasoline and electric vehicles.
The average fuel-fueled vehicle costs $1,117 a year, while the average operating cost of an electric vehicle is $485.
Pump prices, more charging stations available, and switching to save cash all contribute to the health of the EV market. Today’s tax-conscious drivers are joining their green neighbors in adopting sustainable, low-cost vehicles.
With technology advancement, the next most prominent factor is that certain EV manufacturing companies are also manufacturing charging points that people could use at home as well. This makes it even more important for people to rely on Electric vehicles.