Transport Corp of India raises freight rates 10-20%

Logistic-services provider Transport Corp of India has raised freight rates by 10 percent to 20 percent to absorb a recent hike in diesel prices and higher cost on truck tires and spare parts because of an increase excise duties, according to its executive director, Dow Jones reported.

"Market wise, the freight has gone up by 15 percent to 20 percent. So we too have raised (rates) by up to 10 percent for contractual customers and 10 percent to 20 percent for non-contractual customers," said Vineet Agarwal .

The federal budget raised excise taxes and increased import duties on petroleum products, leading to fuel retailers hiking gasoline and diesel prices by six percent to eight percent.

(Source: Cargo News Asia)