According to AA, UK fuel prices are currently at an all time high. The prices of unleaded oil soared past the122.1 pence per liter record price, a report by conducted by the AA in December has indicated. The prices of diesel soared to 126.2 pence per liter. This is the second highest price for diesel in Europe. UKs unleaded petrol prices are ranked number 10 among the highest in the Western countries.Analysts believe that this has been caused by an increment in fuel duty, the pressure being put on the pound by the major world currencies, and the skyrocketing costs of crude oil, which currently stand at $91 per barrel. In addition, there has been an unforeseen demand of oil from China and other Western countries.
This has caused a further increase in oil fuel prices. Companies that develop vehicle-tracking systems have been affected since the numbers of their clients have gone down. The events that took place in 2008 have made oil-producing countries to be wary. That year, OPEC states were forced increase production. This saw the oil crude oil prices plummet from $147 to $40.Huge losses were incurred as a result.
This has caused a further increase in oil fuel prices. Companies that develop vehicle-tracking systems have been affected since the numbers of their clients have gone down. The events that took place in 2008 have made oil-producing countries to be wary. That year, OPEC states were forced increase production. This saw the oil crude oil prices plummet from $147 to $40.Huge losses were incurred as a result.
Hauliers who operate in the UK from foreign countries rely on cheap oil. They are currently competing with UK hauliers for the available fuel. Most of them have resulted to cost cutting measures like the installation of vehicle-tracking systems in their fleet, to monitor the driving habits of their employees. It is believed that installing fleet tracking systems in vehicles can help in curbing the rise of fuel consumption in companies.
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