The global moving industry is confronting the challenge of dramatic fuel cost increases due to the closure of the Strait of Hormuz.
Britain’s Telegraph reported that countries around the world are increasingly acting to ease prices, with governments across Asia and Europe cutting fuel taxes. In some countries in Asia that are heavily dependent upon imports of fuel, concerns about supplies running out are growing. Less import-dependent countries such as the United States are still seeing fuel price increases, but prices remain relatively lower than in other countries.
IAM members are encouraged to prioritize reaching out to clients for guidance on their position in passing on the cost of fuel increases to address the challenge in a fair and ethical manner.