Diesel Costs Rise Sharply, Triggering New Trucking Fuel Surcharges
With diesel prices rising considerably, fuel surcharges are being applied to trucking services throughout the US effective immediately.
Driven by disruption to global oil production and distribution following the escalating conflict in the Middle East, multiple US trucking operators have already notified us of fuel surcharges ranging from 15% to 30%, with many taking effect from March 9th.
However, many of these increases were announced when oil prices were trading at around $83 per barrel last week and prices climbed sharply over the weekend to approximately $107 per barrel. While this latest surge may take a week or two to be reflected at US fuel pumps, it is an indication that further fuel surcharge increases may follow.
The main factor behind the spike in oil prices is disruption in the Strait of Hormuz, the narrow shipping channel in the Persian Gulf through which more than 80 oil tankers normally pass each day. With traffic through this vital route currently reduced to a trickle, global fuel supply has tightened, pushing petrol and diesel prices higher across international markets.
The impact is also being felt across ocean and air freight, where carriers have been introducing additional fuel and conflict-related surcharges.
Atlantic Pacific has no option but to apply the relevant surcharges to all existing tariffs but will continue to work with US and global partners to mitigate the impact wherever possible.
We will be monitoring the situation closely and will keep customers informed of the ongoing situation.
