Because diesel accounts for 65 percent to 70 percent of operational costs, the transport business is becoming unviable for small and large transporters, according to All India Motor Transport Congress General Secretary Naveen Gupta.
For the eleventh time in two weeks, fuel prices were raised again on Monday. Despite the rise in crude oil prices, fuel prices have remained stable for over four months. On March 22, the rate revision came to an end. Petrol and gasoline prices have increased by 8.40 per litre following nine rate modifications.
State-owned oil refineries like Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust fuel prices on a regular basis.
State-run oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust fuel prices on a daily basis based on worldwide crude oil prices and rupee-dollar exchange rates.
Mr Guta added that starting April 1, 2022, tolls and insurance will be more expensive. We want a quarterly review of fuel prices, as well as the inclusion of gasoline and diesel in the goods and services tax (GST).
Given the current market conditions, transporters are unable to raise freight prices while their diesel costs continue to rise, he continued.