RHA calls for oil market regulation

17th July 2012

The Road Haulage Association (RHA) has called for better regulation of oil prices, given the influential role fuel prices play in the costs incurred by the UK haulage industry.

Speaking on the subject, RHA chief executive Geoff Dunning stressed the important role petrol prices play in the success of fleet companies in the UK and beyond, with fuel representing a third of most firms' overall operating costs.

Given this, he admitted his dismay at reports that oil prices may have been subject to price manipulation, and called for immediate action on the part of the government to act on the issue.

"The world price of oil is critical to the viability of a cost-effective and efficient haulage industry," he said.

"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?”

Mr Dunning was keen to stress that the issue affected both hauliers and motorists alike.

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