Increased fuel prices shouldn’t slow down growth in any manner: Assocham president

The government should allow the logistics sector to claim input tax credit (ITC) on fuel purchases to help reduce costs amid rising freight rates due to increasing fuel prices, said Vineet Agarwal, managing director of Transport Corporation of India Ltd (TCIL) and president of industry body Assocham, told The Indian Express.

Aggarwal noted that freight rates across sectors had moved up due to higher fuel prices. The prices of auto fuels are at record highs across the country on the back of increasing crude oil prices and elevated central and state levies. The prices of both petrol and diesel have risen by over Rs 5 per litre since November 20, 2020, when oil marketing companies (OMCs) resumed daily price revisions after a near two-month period of static prices.