There has been a considerable drop in sales of four wheelers during the past six months when compared to the number of four wheelers sold during this period last year. Which of the following can be the probable cause of the above phenomenon?

I. The Government has imposed higher excise duty on four wheelers at the beginning of this year.

II. The petrol prices have risen considerably during the past eight months.

III. The rate of interest on home and car loans have been rising for the past seven months