By John Simpson 16 July 2012
The oil market should be regulated as a matter of urgency to prevent motorists being ripped off even more, according to the Road Haulage Association.
Chief Executive Geoff Dunning said he wasn’t surprised that oil prices may have been manipulated, in light of corruption amongst banks and the financial system.
“We find it quite baffling that the oil market, as one of the world’s key commodity sectors, is unregulated and appears to rely, to a great extent, on the honesty of the trader to return accurate data regarding their activities,” he commented.
“This issue isn’t just about the motorist. The price of oil dictates the price we pay for all fuel types.
“The G20 revelation which has found the oil market to be wide open to ‘manipulation or distortion’ must be acted upon as a matter of urgency. How many more financial stones must be overturned before we can see a fair financial system in which we can place our confidence?”
Mr Dunning underlined the fact that fuel costs represent over a third of some UK hauliers operating costs.
“The world price of oil is critical to the viability of a cost-effective and efficient haulage industry,” he added.
“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?”
Categories: Fleet news , Road Haulage Association
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