Friday 28th Oct 2016 - Logistics Manager

RHA warns of increase in oil prices

The UK economy, and the UK haulage industry in particular, are currently at risk of being hit with an increase in fuel prices as a result of the current tension in the Middle East, says the Road Haulage Association.

The association said that although Syria is not an oil producer, there is a possibility that the Brent price of oil may go up to $150 (£96.9) per barrel.

“As manufacturing regains strength, UK hauliers are playing a vital part in getting the economy moving again and the recent fuel price stability has provided many companies with a real shot in the arm as far as haulage rates are concerned, said RHA chief executive, Geoff Dunning.

“This uncertainty serves to confirm that the issue of fuel duty must now be addressed as a matter of extreme urgency.

“Of course we welcome the succession of rise freezes and postponements we have seen over the past few years but the time has now come to finally end all speculation and come up with solution that will benefit Britain’s vital haulage industry while not putting the Treasury at a financial disadvantage.

“To once again be faced with soaring prices will put many operators right back to square one.”