ALD Automotive has announced the results of its research carried out in conjunction with YouGov, revealing the levels of concern amongst UK financial directors in respect of the rising price of fuel.
Of those financial directors surveyed, 53% stated that they were more concerned about the impact on their business of the rising price of fuel than the recent VAT rate rise; 37% of those surveyed said that they were not concerned and 10% of respondents stated that they were unsure.
More worryingly, one in ten financial directors said that they would expect their businesses to make redundancies if fuel hit £1.70 a litre.
Between December 2010 and February, unleaded prices in the UK rose by 6.7ppl (pence per litre) from 122.1ppl to 128.8ppl. Diesel prices for the same period have also risen, by 11ppl, from 123.00ppl to 134.0ppl. The price difference between unleaded and diesel has risen to 5.2ppl. The UK now has the eighth highest unleaded price in Europe and the second highest diesel price.
Commenting on the results, Keith Allen, managing director of ALD Automotive said: “As our research shows, the increasing cost of fuel is a big worry for UK businesses. At ALD, we work with companies by having them outsource the management of their company vehicles and can recommend strategies to help them reduce their fuel bill. A change in a business’s fleet policy, or the implementation of telematics can have a significant impact on fuel consumption and a business’s bottom-line.”
“Finance directors may not be able to influence petrol or diesel prices, but through the careful selection of company cars, driver education policies and telematics, fuel bills can be effectively managed while leaving alternative technologies in the showroom” Keith Allen concluded.