If you are involved in haulage work in the UK then you will be pleased to hear that the Office of Fair Trading (OFT) is planning a six-week investigation into the diesel and petrol industry.
There is widespread concern in the industry that the fall in the cost of a barrel of oil is not being reflected at the pump, and it is hoped that the OFT investigation will shed light on the issue.
The Price of Diesel: A Key Issue
Anyone who is involved in haulage work will know just how significant the price of diesel is. The chief executive of the Road Haulage Association (RHA), Geoff Dunning, said that diesel makes up a third of operating costs for those involved in haulage work. Mr Dunning also said that prices for diesel have gone up 43% since June 2007. This is a huge rise in a short period of time, and it has had an enormous impact on the entire industry.
Aims of the OFT Investigation
The overall aim of OFT investigation is to find out why those involved in haulage work, as well as other drivers, have to pay such high prices for diesel when the price of a barrel of oil has gone down recently.
The OFT will take six weeks to carry out its investigation, during which it is expected to look into whether it can tackle various problems with competition in the road fuels industry, which is worth £32 billion a year.
As part of its investigations, it has asked consumer bodies, various groups and the industry to provide information, and it will look into numerous claims about how the sector operates. This will include examining whether pump prices are falling in line with the fall in price of oil, and whether independent retailers are finding it more difficult to compete with major supermarkets and oil companies because of their practices.
The Industry Awaits the Verdict
The entire transport industry will be eagerly anticipating the findings of this investigation because it is such an important issue that needs to be addressed. Mr Dunning said that the RHA is "greatly encouraged that the OFT has recognised the concerns of the haulage industry and the general public and is preparing to take action".
Whether it will have any impact on fuel prices in the UK remains to be seen, but if you are involved in any kind of haulage work in the UK, it will be worth keeping an eye on the investigation to find out how it might have an impact on your own business.
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