Weekly Reviews For Soaring Fuel Costs

March 10, 2022

Weekly Reviews For Soaring Fuel Costs

 

Fuel prices are soaring since the Ukraine conflict started, which is affecting costs on all transport modes.

Following escalating sanctions and the UK & US oil ban on Russia, traders are suggesting that oil could hit $200 a barrel by the end of the month – which would effectively see it double since the turn of the year.

UK and European transport has already been affected by petrol and diesel pump prices. Ocean freight bunker costs are on the rise, especially for longer journeys, such as Asia/Europe round trips, and airfreight has seen an increase in fuel and capacity issues.

With the fuel situation expected to be very fluid during the coming weeks, and maybe months, managing international freight and UK domestic transport pricing is likely to be an arduous task.

Therefore, Atlantic Pacific have decided to initiate a weekly review of fuel surcharges across multiple transport modes, and will endeavour to notify customers of movements up or down every week during the conflict.

While there is no exact science to how fuel impacts shipments to or from every country, every route or every shipment type, we believe the above will provide a useful and current guide to the ‘likely’ impact on freight and transport costs.

The first review will be next week. In the meantime, should you require further information, then please do not hesitate to contact one of the team.

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