Once again we rise, when will we fall?
Another bleak start this week with the constant fuel price wars, so far we have seen at least a 50% increase in fuel rates effecting Companies around the UK, it seems to be a new weekly occurrence. Local fuel prices including supermarkets are now hitting £1.84 per litre costing transport companies even more money.
It is a sad shame to update Companies on the increase this week, this is an additional 5p per litre costing on average another £5 per tank to fuel up.
Boris declares war on stations
Recently we had the so called ‘fuel duty rate cut’ which on the gov website is a ‘temporary measure’ for 12 months, the truth is when the cut came in place many fuel stations actually increased their prices by another 5p per litre and the cut was never really seen.
Since this Boris Johnson has ‘declared war’ on rip off fuel stations also stating we need to ‘police them‘ with a government forecourt watch scheme since stations are not actually passing over the fuel cuts to customers and businesses, I have noticed this week average fuel card rates are around 10-13p less per litre at around £1.44 + VAT.
Noted recently was exceptional profits from oil Companies, some of the highest in years, so it is clearly evident they are sat back laughing at the recent hikes, I strongly agree we need to police this as it is becoming out of control.
Make sure you are always claiming back all VAT paid on fuel, this is absolutely paramount in this industry and can really help in maintaining a healthy balance sheet long term, despite having to charge customers VAT.
I wish everyone a wonderful week ahead, stay strong and keep pounding the tarmac.