Fleet News

Fleets in call for new rules to fix fuel prices

FLEETS are calling for new rules to fix fuel prices and help them plan ahead amid renewed attacks on fuel companies for making profits of up to £1.3 million an hour.

BP this month announced pre-tax profits of £4 billion in the first half of this year, while Shell recorded earnings of more than £2 billion.

Oil companies have defended themselves against attacks from consumer groups by directing fire towards the Government, as more than 70% of the price of a litre of fuel is tax. BP insisted it had made a small loss on its UK retail arm and profits had been made from exploration and refining around the world.

Amid widespread concern at the level of profits made by fuel suppliers, fleets said it was vital that prices remained level, so they could plan ahead.

Edmund King of the RAC Foundation, backed calls for stability, saying: 'The Chancellor could introduce a fuel duty stabiliser. If the price of oil goes above a certain level the amount of tax on fuel would be cut. If prices dropped below that level, tax could be increased, so fleets and drivers could plan ahead.'

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