Are Fuel Prices Set for Another Increase?

Are Fuel Prices Set for Another Increase?

With the backlash of the 5ppl increase still in people’s mind, it is easy to forget a lot of stations have not brought their prices up fully to reflect this increase. This has brought about large variances in an area than has previously been seen and has forced business owners to ensure their drivers are being smart about where they refuel.

Why is this happening so often?

There are a number of factors at work that is behind the consistent increase in fuel prices throughout the country. Tax is a big one that has increased a lot in recent years and only helped to hike up the prices of fuel. Businesses can get help for this from HMRC and it is worth looking into no matter what fleet size you operate.

The dwindling resources are also increasing the price as it becomes harder to source and extract what is needed for road fuel. This also has an effect on import and export prices, which again increases prices faced by businesses and their drivers.

Is anything being done?

The government is looking at ways to help lower the costs as much as possible, while not dropping the tax on fuel. A scheme looking at helping rural and hard to reach filling stations as they suffer from increased transport costs is underway and could lower the costs of petrol and diesel in the higher regions of the country but this doesn’t help other areas where prices are still considered to be too high. There are few options available to cut the costs further at this time, however.