July 28th 2008
Fuel Prices: Supermarkets being useful?
In the last week a number of supermarkets have cut prices at the fuel pump by about 4p.
Any cut in fuel prices is welcome news to tens of thousands of families watching prices for just about everything go sky high. Now that the barrel price of oil is back down to something like $130 and holding vaguely steady, having peaked at $149, hopefully this is not just a short term boost, but an end to fuel prices surging at the rate they have this last twelve months. Most notably, it is perhaps evidence that supermarkets can use their buying power for something constructive, though doubtless they could have cut it further.
The haulage industry is suffering particularly badly - Innovate Logisitics and MacFarlane Transport are both recent, and big, casulaties. Both cite the surging price of bulk diesel (up to 100.6ppl) as a key factor in their demise. This is a whole lot worse for self drive hauliers.
I have heard a lot of talk from both Labour and the Tories about ’stabilising mechanisms’ proposed for fuel duty, and that’s welcome news, but will it be too late?







