Earlier this week we witnessed the biggest ever daily rise in the price of petrol with a jump of over 2p per litre.
We are already seeing the price of filling the average family car hit the £100 mark with no sign of a halt in the upward price trajectory.
Soaring fuel prices have been driven by the war in Ukraine and moves to reduce Europe’s dependence on Russian oil, and although fuel duty was cut by 5p per litre in March, it made little difference and sadly wasn’t even passed on by some garage owners. There is a plan for the government to ‘name and shame’ those who didn’t comply with the cut, but this won’t really help businesses and consumers in the short term.
One freight owner reported this week that the cost of operating a single lorry is up by a staggering £20,000 on this time last year. This is leading to unprecedented pressure on freight companies and the wider supply chain.
On the positive side, wholesale prices have dropped and there is usually around a two-week gap until this is reflected by pump prices.
Whilst we sadly can’t influence the war in Ukraine, the Chambers believe what the government can do is act again and immediately on the fuel duty and VAT. It is estimated that for each litre of fuel sold the government takes around £1 in VAT and duty. This rises with the wholesale price and so perhaps a cut or cap on the VAT would help to put the brakes on spiralling prices.
For those of you with an electric vehicle (EV) I am pleased to say that the two EV charge points at Commerce House, Festival Park have been replaced and are now fully operational. Why not spend some time in our members lounge, catching up on emails or having a meeting with hot free drinks and Wi-Fi for Chamber members, whilst your EV charges?
And my final motor themed posting is to remind you that the Chambers AA Roadside Assistance package offers breakdown assistance cover at around half the price you would pay by going to the AA direct.
It is available to employers and staff alike and as an example, a Chamber member business in the 1-10 employee category which took out breakdown cover on six vehicles could cover the cost of annual Chamber membership.
If you would like to find out more and be ready to switch to AA Roadside Assistance when your present cover expires, please contact email@example.com or call the number below.
If you want to talk to us about any business issues, including funding, you can call our switchboard on 01782 202222 or call the Stoke and Staffs Growth Hub Helpline on 0300 111 8002 or email: firstname.lastname@example.org