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Diesel price hits record high

  • 27 February 2012
  • By Chris Druce

Bulk diesel prices have hit a record high, as the Chancellor gives his clearest signal yet that he plans to reinstate the duty-escalator in next month’s Budget.

According to the Road Haulage Association (RHA),average bulk diesel prices have now hit a record at 116.33ppl, sailing past April 2011’s previous all-time high of 115.43ppl.

“Diesel has never cost so much and there is nothing the industry can do about it”, said RHA Director of Policy Jack Semple. “This is bad news for customers because haulage rates simply have to keep pace with rising costs. For a typical articulated lorry, diesel represents at least 35% of operating costs.

Semple’s warning comes as the chancellor George Osborne indicated this weekend that his decision to scrap a 1ppl rise in fuel duty this January, thanks to campaigning by FairFuelUK (FFUK) could not be repeated, with the deferred 3ppl rise pencilled in for August looking increasingly likely.

The news comes ahead of a meeting between FFUK and the Treasury tomorrow, where industry representatives will make the case that a cut in fuel duty will provide a shot in the arm for the struggling UK economy.

FFUK is planning a National FairFuel Day on 7 March at Parliament.

  • In its pre-Budget submission to the Treasury, the Freight Tranport Association called on the government to cut fuel duty by 5ppl and scrap the increase planned for August. The move would save £3.6bn and give a “vital shot in the arm” to the economy, it says. FTA analysis shows the price of diesel increased 7ppl in 2011, adding £3,284 to the annual operating cost of a typical 44 tonne artic.

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Article source: http://www.commercialmotor.com:80/latest-news/diesel-price-hits-new-high-as-chancellor-signals-more-pain-to-come