Reports that oil prices may have been another victim of price manipulation come as little surprise to the Road Haulage Association.
“This issue isn’t just about the motorist,” said RHA chief executive Geoff Dunning. “The price of oil dictates the price we pay for all fuel types. To learn that there is a possibility of oil traders worldwide manipulating the price comes as little surprise, given the recent news that our own financial system was rigged for the benefit of the banks.
“We find it quite baffling that the oil market, as one of the world’s key commodity sectors, is unregulated and appears to rely, to a great extent, on the honesty of the trader to return accurate data regarding their activities.
“The G20 revelation which has found the oil market to be wide open to ‘manipulation or distortion’ must be acted upon as a matter of urgency. How many more financial stones must be overturned before we can see a fair financial system in which we can place our confidence?
“With fuel now representing over one third of a UK hauliers’ operating costs, the world price of oil is critical to the viability of a cost-effective and efficient haulage industry. This country is trying to battle its way out of recession. If we cannot trust those who set the price for the life-blood of our industry, what hope is there for the rest of the economy?” Geoff Dunning asked.