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Fuel Costs Crippling Business

Posted on Wednesday, 28 May 2008 08:04AM by
As the price of a barrel of oil reached an all-time record high of $135, double the price of a year ago, calls are being made for the Treasury to scrap its plans to introduce a 2p fuel tax increase in the autumn.  Unleaded petrol in the UK now costs on average 114p and diesel is now 126.4p and these fuel costs are putting UK businesses under serious pressure.  Petrol is 18% more expensive and diesel is a staggering 30% dearer than it was 12 months ago.
It is possible that the price of oil may come down a little if the oil-producing countries can produce more, but there is also the theory that a surge in fuel prices may prompt the public to look at different ways to conserve fuel.  Friends of the Earth are in support of the fuel tax rise, as they say that almost 25% of UK carbon emissions are caused by road transport.  Ultimately, however, it will be the consumer who pays the price as businesses will be forced to pass their increased overheads on to their customers.
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