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Fuel price hike threat to bottom line
Businesses could be left facing rocketing fuel bills unless action is taken now, warns the Independent Petrol Retailers Association. Diesel prices are predicted to hit £1.20 a litre by the end of this month and the association estimates petrol prices could hit 125.9p a litre by the start of next year as a result of the extra duty and VAT.
That will affect every business as freight costs will inevitably rise. Richard Mansell, operations manager for freight operators The UCS Group, said: “With crude oil prices going up significantly in the last few weeks a lot of smaller companies are really going to start to feel the pinch on the forecourts.
“As a business with international operations I cannot understand why our UK fuel prices are so much higher than the rest of Europe. The coalition government has to do something about reducing the tax on fuel or we could see a number of courier and logistics firms go out of business.
“A sharp increase in fuel significantly dents a company’s profit margins,” explained Mansell, “which will deeply affect smaller independent businesses in the industry.”
"Two months have passed since the emergency Budget," wrote Brian Madderson, Independent Petrol Retailers Association chairman in a letter to the government. “We've had the pain but there's been no effort by the government to commence discussions with industry. If we don't get some kind of respite, the knock-on effect is going to start to impact on a return to growth for the economy."
However, there is some short term respite for motorists and businesses. Asda has reduced fuel prices at its 180 forecourts until the end of the month, which may spark a price war among the big supermarket chains. Unleaded has ben cut by 1p a litre and diesel by 2p a litre to £1.11.9p for unleaded and £1.14.9p for diesel.
