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Monday 23.07.2018 | Name days: Magda, Magone, Mērija
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Swedbank: petrol price being over 1 LVL will make people reconsider their driving habits

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The price increase of petrol type 98 going over 1 LVL border will make many car owners reconsider their driving habits. In some way this is a psychological, symbolic threshold, Swedbank Institute of Private Finances director Ieva Use notes.

She explains that, transport costs is one of the fundamental parts of family budget, next to provision and household costs, which is why the increase of family fuel costs will be felt significantly.

According to the institute’s data petroleum price increase by 10-12 santims during three years’ time was felt each year. This means that families which use up 50 litres of fuel per month, and do not change their driving habits, will pay by 5 LVL per month or 60 LVL per year in one year’s time. For two years in a row the Institute’s research of household budget changes names petrol price change as one of three events, which significantly affect family finances each year.

During summer last year Swedbank Institute of Private Finances in cooperation with SKDS research center carried out a survey among drivers which revealed that two thirds of car owner families changed their driving habits in the last year. Almost half of car owners noted that, during the last year they used they cars less frequently or driving over shorter distances, but did not completely stop using their cars.

Only 15% of respondents said that in the event of petrol price exceeding 1 LVL per litre then their family driving habits will not change. Two of every three residents admit that from now on they will consider every trip carefully and could completely give up certain trips. Although frequently enough residents note that if petrol prices continue to increase they will consider other forms of transport (social transport, bicycles in summer). Also many people noted that they will purchase illegal fuel.

According to the results of the survey, families which pay for petrol on their own (costs not covered by employers), spend an average of 76 LVL per month, and 358 LVL per year for the vehicle’s maintenance, or around 30 LVL per month. So families which own cars spend an average of 106 LVL per month on their vehicles. Another 19% of households, which own cars, also perform lease payments, an average of – 129 LVL per month. Along with that, the average costs for car maintenance for these families reach as much as 245 LVL.

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