Over the past two weeks the price of fuel has skyrocketed to its highest level since records began and for haulage firms this cost hike is proving a serious challenge.
Figures released by the Department for Business, Energy and Industrial Strategy (BEIS) show that the average price of a litre of petrol at UK forecourts rose from 149.2p on February 28 to 153.0p on March 7.
The average diesel prices rose from 153.4p to 158.6p over the same period.
This is the largest increase in petrol and diesel prices since records began in June 2003.
Although haulage firms are not dependent on forecourts to fill up their trucks, normally opting for onsite tanks instead, this sector is still highly vulnerable to fluctuating fuel prices.
Bartrums Haulage and Storage Ltd, a family-owned logistics firm based in Eye, Suffolk, uses an average of 120 thousand litres of diesel each week and has an onsite tank that can hold 135 thousand litres.
Tremayne Johnson, operations director at the company, said that they have seen a 37pc increase on the price of diesel compared the February average.
He explained that fuel makes up roughly 30pc of the business' operating costs and the 37pc rise in fuel price will, therefore, have a significant impact on their overheads.
Although Mr Johnson stressed that what the people in Ukraine are currently facing is heart-breaking, he said: "The price of diesel is very connected to the price of crude oil so the war in Ukraine is having a direct impact."
Since Russia invaded Ukraine the cost of oil has soared, which has led to the rising cost of diesel, and some experts are warning that demand for oil could get worse over the year which could see prices climb further.
Mr Johnson added: "The big logistics companies in the UK are largely insulated from the rising fuel prices due to locking into fuel escalator deals, which sees the base price fixed and a surcharge rising or falling depending on the market.
"Smaller companies, however, are more exposed to fluctuating fuel prices and are having to respond to the rising costs."
Peter Brown, managing director of Jack Richardsons and Sons, which operates 400 trucks from 14 locations across the UK including 100 from a base in Fakenham, said that he is "very, very concerned" about the rising fuel prices.
He explained that the firm buys fuel everyday and they are seeing "daily increases in prices".
A third of their costs go on fuel and the company has to pass that cost onto their customers immediately to keep operating due to the tight margins within the sector.
Mr Brown said: "I have two concerns are the moment. The first is the rising price of fuel and the second is whether we are going to get enough fuel to keep our fleets going."
Although there is no fuel shortage at the moment, some are noting that if supply chains from Russia continue to be disrupted it could lead to a higher level of demand than can be supplied.
For the haulage industry the current challenges comes after a difficult 2021, which saw haulage firms struggling with driver shortages.
Unable to get enough drivers to successfully operate their fleets, many firms decided to increase wages to attract and retain staff. Although this move was a welcomed by many within the sector, it meant that firms were already seeing their operating costs increase.
In addition, last year saw a brief fuel crisis which was mainly driven by panic buying rather than real lack of fuel, which again saw a fuel price hike.
Overall haulage businesses are facing a highly challenging market, which could get worse the longer the war in Ukraine lasts.
Companies within the sector are already having to pass rising costs onto their customers, who, in turn, are likely to pass the costs onto consumers.
All of this together will increase demand for Chancellor Rishi Sunak to give some help to the sector when he gets to his feet in the Commons later this month.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here