Higher fuel prices keep truck rentals elevated: Shriram Mobility Bulletin
• Truck rentals remained elevated in June across key trunk routes, even as freight demand stayed subdued.
• Fuel sales and FASTag collections declined month-on-month, indicating softer vehicle movement.
• EV sales continued to record strong growth across two-wheeler and three-wheeler categories.
• July is expected to be a soft month for logistics activity due to monsoon rains across most of India
Mumbai, 06 July 2026: Higher pump prices for automotive fuels, kept truck rentals elevated in June, even as underlying freight demand remained subdued. Truck rentals across key trunk routes recorded moderate month-on-month increases.
On a month-on-month basis, trends remained mixed. Rentals increased on key routes such as Delhi–Kolkata–Delhi by around 1.7%, Mumbai–Kolkata–Mumbai by about 2%, and Delhi–Bengaluru–Delhi by roughly 1.8%, along with Delhi–Mumbai–Delhi, Delhi–Hyderabad–Delhi, Delhi–Chennai–Delhi, Mumbai–Chennai–Mumbai and Guwahati–Mumbai–Guwahati that recorded modest increases. However, the Bengaluru–Kolkata–Bengaluru and Bengaluru–Mumbai–Bengaluru routes remained flat month-on-month, reflecting softer demand in certain southern corridors. On a year-on-year basis, trucking activity remained resilient across major routes, led by Delhi–Kolkata–Delhi at around 15%, followed by Bengaluru–Mumbai–Bengaluru at approximately 11%, while Mumbai–Chennai–Mumbai and Delhi–Mumbai–Delhi each grew by about 7-8%, indicating sustained long-haul demand despite subdued freight volumes.
Vehicle sales trends remained mixed in June, with strength in select commercial and agricultural segments and sequential moderation in others. Bus sales rose by around 24% month-on-month, while agricultural tractor sales increased by approximately 18%, reflecting seasonal demand ahead of the Kharif sowing period. Commercial tractor sales and earth moving equipment also posted gains of around 10% and 12% respectively. However, motor car sales contracted by about 2% and e-rickshaw sales dipped by 3% on a month-on-month basis. On a year-on-year basis, multiple segments continued to record robust growth, with goods carrier sales increasing by around 21%, motor car sales by approximately 28%, and three-wheeler goods vehicles by about 42%, highlighting sustained demand across logistics and personal mobility segments.
Electric vehicle trends remained structurally strong in June. E-two-wheeler sales grew by around 13% month-on-month, while e-three-wheeler sales rose by approximately 10%, driven by continued adoption in commercial and last-mile delivery segments. On a year-on-year basis, growth remained robust across categories, with e-two-wheelers and e-three-wheelers rising by around 91% and 103% respectively, underscoring sustained expansion of the electric mobility ecosystem.
Commenting on the trends, Sudarshan Holla, Joint Managing Director & Chief Operating Officer, Commercial Vehicles, Shriram Finance, said, "Truck rentals remained elevated driven by higher fuel prices. However, freight demand continues to be subdued, resulting in lower fleet utilisation levels across the industry. With monsoon activity gathering pace; later than expected, trucking activity is likely to remain range-bound through July. The logistics sector is also awaiting clarity from the government on the operation of pre-BS VI trucks in the NCR region during the November–March period, a decision that could have significant implications for fleet deployment and freight movement in a large logistics market."
Fuel consumption and FASTag data reflected the subdued freight movement. Petrol consumption declined by around 3% month-on-month, while FASTag collections dropped by approximately 3.6% in volume and 1.3% in value, suggesting lower highway traffic and freight flows compared to May. The industry expects pump prices to ease in the coming weeks as international crude price cool, which could provide some relief to fleet operators even as monsoon activity gathers pace.
ABOUT SHRIRAM FINANCE LIMITED:
Shriram Finance Limited is the flagship company of the Shriram group which has significant presence in Consumer Finance, Life Insurance, General Insurance, Stock Broking and Distribution businesses.
Shriram Finance Limited is one of India’s largest retail asset financing Non-Banking Finance Companies (NBFC) with Assets under Management (AUM) above Rs. 3.02 trillion. Established in 1979, Shriram Finance is a holistic finance provider catering to the needs of Small Road Transport
Operators and small business owners and is a leader in organised financing of pre-owned commercial vehicles and two wheelers. It has vertically integrated business model and offers financing number of products which include passenger commercial vehicles, loans to micro and small and medium
enterprises (MSMEs), tractors & farm equipment, gold, personal loans and working capital loans etc. Over last 47 years, it has developed strong competencies in the areas of loan origination, valuation of pre-owned commercial vehicles and other assets, and collections. It has a pan India presence with
network of 3,225 branches and an employee strength of 76,241 servicing to 97.33 lakhs of customers.
ABOUT SHRIRAM MOBILITY BULLETIN:
Shriram Finance Limited, the flagship company of the Shriram Group, publishes the monthly Shriram Mobility Bulletin. The Shriram Mobility Bulletin aims to provide stakeholders with a picture of India's statistical data about the logistics and automobile sector through its nationwide network of fleet owners & vehicle dealers and analyses it to identify trends for its stakeholders.


















