People will continue to pay, question is, what will 1,000,000,000 (15% world pop) do when THERES NO MORE OIL OR GAS ? May be another 20-30 years, but the way its being used in the world now, maybe only 10-12 years are left for the existence of crude oil and natural gas.
As long as there is such fuel, people will pay whatever because theres no alternative at the moment. Sure there is in theory (fuel cell, solar, compressed air, corn oil), but not in practical.
Relatively, 70rs a liter is pretty cheap, I think within 12 months the price will be over 100rs, which is nearly 50% increase in a year, which is HUGE :S Enjoy "cheap" fuel as long as you can. Its not gonna last much longer. In 5 years, youll be paying like at least Rs 200/L - 70 is cheap!