High fuel prices are a major factor in the UK’s return to a technical recession, the Road Haulage Association (RHA) has claimed.
The barrel price of oil has dropped in recent months, but margins on diesel have risen from approximately 3.48ppl in March to 7.65 ppl.
The RHA was naturally disappointed with GDP figures but felt the news wasn’t a surprise. Chief Executive for the Haulage body, Geoff Dunning, said “If Government would heed our advice and address the issue of fuel duty once and for all; this is a situation that could almost certainly have been avoided.”
“Users of petrol and diesel fuels are desperate to see a reduction in fuel duty. The price of a tank of fuel would reduce and the subsequent savings would be put back into the economy, giving trade the boost it so desperately needs."
“We must tackle this issue head on, only then will we see an increase in GDP in the next quarter,” he concluded.
Fuel prices have risen by nearly 25% since 2010! With forever increasing fuel costs and the need to pay drivers’ wages and fuel costs upfront, Hauliers are one of the most suited businesses to invoice finance.