Fleet News

Further fuel price rises will cripple the UK economy

The Fuelcard Company has warned that further rises in the price of world oil will cripple the UK economy if the Government doesn’t offer support for the transport industry.

With News that fuel prices are set to increase by eight percent at the start of 2011, The Fuelcard Company is urging the Government to impose tax relief to support struggling commercial transportation companies.

Jakes de Kock, marketing director at The Fuelcard Company, said “The rising cost of crude oil will pass along the supply chain to increase the cost of fuel by around 4 pence a litre over the next three weeks. Add to this January’s impending VAT rise to 20 percent and the planned increase in fuel duty in both October and January, and we see a sector in dire need of Government help.”

The Fuelcard Company has launched a petition to call the Government to rethink their stance on fuel duty. It is asking ministers to consider a reduction in taxes and a review of tax hikes.

“Travel is not a luxury but a necessity for the UK economy, “de Kock continues. “The increase in fuel costs doesn’t just affect the UK transport sector, it also affects competitiveness and increases the cost of everything we purchase.

“The fleet industry is the backbone of the UK economy providing a vital logistical service to businesses and organisations across the country. Eventually the impact of these additional costs will hit us all, and potentially very hard.”

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