The Freight Transport Association (FTA) met with the Treasury on Thursday to discuss the effect of the plummeting cost of oil on the freight transport sector.
The FTA argued that the reduction in the cost of oil has not been passed on to hauliers. It said that a weaker pound and high fuel duty has prevented operators from seeing the benefits of the 53 per cent fall in bulk prices.
Theo de Pencier, FTA chief, acknowledged that the oil price drop has resulted in substantial savings for many businesses. According to Mr de Pencier, who met with Chief Secretary to the Treasury Danny Alexander, the annualised cost for fuel of a 44 tonne truck was £52,000 last year, which has dropped to around £43,000 this year.
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