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Truck rentals on trunk routes – which are the main routes on which cargo moves across the country – increased by three-four per cent during January 1 to January 6, against the prevailing rates in December 2019, a freight rate tracking body has said. Freight rates in December were 2-2.5 per cent lower than those in November 2019.
If fuel prices keep rising due to the US-Iran conflict and if the rupee depreciates further, then the economy could be in for a fix, said the Indian Foundation of Transport Research and Training (IFTRT), a body that tracks truck prices.
December 2019 witnessed a Rs 2.16 a litre (ex-Delhi) increase in diesel prices, while full truck load rentals declined further by 2-2.5 per cent on trunk routes due to the general economic slowdown.
Cargo offerings in December 2019 fell by 10-15 per cent on average, on lower factory output and stalled infrastructure projects, added IFTRT.
Overall, calendar 2019 witnessed a 10.4-19.4 per cent fall in truck rentals between December 2018 and December 2019, said the research body, adding, this is despite an average 8.2 per cent increase in diesel prices during the period.
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