Extra costs could run into billions for some businesses if prices hit the predicted £1 a litre mark.
Peter Tatlock, managing director at Masterlease, said: ‘With average prices standing at more than 16p a litre higher than last January, businesses have to accept that the instability in the global oil market means they must put in contingency budgets for sustained high fuel prices and implement tight fuel management policies sooner rather than later.
The threat of action in oil-producing countries has caused the surge in costs and oil prices have climbed to the levels last seen in the wake of Hurricane Katrina. (Fleet NewsNet, April 20)
Tatlock added: ‘Businesses should seek advice about how they can take more control of fuel expenditure, such as introducing fuel cards or reviewing vehicle choice.’