Road Haulage Association calls for transparency in fuel market
The Road Haulage Association (RHA) has called for transparency in the oil market, after a report for G20 finance ministers suggested the benchmarking of wholesale fuel prices could be open to abuse.
The G20 report warns the unregulated oil market is open to manipulation or distortion by traders and speculators alike. The end result is higher pump prices.
Geoff Dunning, chief executive of the RHA, says: "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?”
Campaign group FairFuelUK has launched a new petition to get an Office of Fair Trading (OFT) investigation underway in response to the G20 report, and has further details on its findings on its website.
PetrolPromise is also pushing for an OFT investigation.