Government to Investigate the Rising Cost of Fuel

Many of us feel that the price of fuel is far too high and we are paying over the odds at the pump. Finally, the soaring price of petrol and diesel has also been acknowledged by the Energy Minister, John Hayes, who announced last week there will be an investigation by the Office of Fair Trading into the ever-increasing cost of fuel.

The investigation was launched in response to 80 MPs, led by the veteran fuel price campaigner Robert Halfon, insisting action be taken over the ever-rising costs. Mr. Halfon's demands were echoed by over 27,000 signatures, collected by Fair Fuel UK in little over 2 weeks, calling for a full-scale inquiry. Thankfully the government heard those calls. Now the investigation will call into question whether hedge funds and speculators are 'rigging the market' as there is growing evidence that pump prices are quick to rise when oil prices rise, but then slow to fall when they drop.

For many UK business owners, especially fleet managers who rely on transport for the successful running of their company, this will come as good news. However, campaigners have already questioned whether this is just a distraction from the bigger issue ??? that the Government should be helping the transport sector with reduced taxation. But with fleets in the UK paying the highest price for diesel in Europe, any investigation will hopefully spark the start of change in rising fuel costs.

And, here at Navman Wireless, we have to agree. We have long called for more transparency in fuel pricing and believe that more does need to be done towards addressing the soaring price of petrol and diesel. This investigation is, at least, a starting point. Combined with proposals to charge foreign lorry drivers to use our roads, perhaps this is a sign the government is beginning to recognise the struggles facing UK road users. And hopefully the investigation will be followed by some action, because if fuel prices continue to rise, it will only hinder UK businesses further and have an even greater effect on the economy.