Market Update: We break down the business implications, market impact, and expert insights related to Market Update: Gig economy urged to support drivers amid rising fuel prices – London Business News – Full Analysis.
Gig economy companies, including Uber, Deliveroo, and Bolt, are being urged to support their drivers as escalating fuel costs strain their earnings.
The GMB Union has reached out to these firms, calling for assistance for riders and drivers who are facing sharply rising petrol prices due to the intensified conflict involving Iran.
Fuel prices have surged at the fastest rate since 2022, reaching their highest level in about 18 months as global oil markets respond to the conflict in the Middle East. Average fuel prices in the UK have climbed to around 138.9 pence per litre for petrol and 155.1 pence per litre for diesel, with diesel prices rising by nearly 9% since the conflict began on February 28.
The union argues that delivery riders and private hire drivers—who heavily rely on fuel for their work—are being hit hardest by this sudden increase in costs and need temporary support measures. Suggested measures include higher per-mile payments, fuel subsidies, or other financial assistance to help offset the surge in operating costs.
This pressure on gig economy workers comes as economists warn that the spike in oil prices, caused by the conflict, could lead to higher inflation and increased transportation costs across the UK economy.
Eamon O’Hearn, GMB National Officer, said: “Gig economy giants like Uber and Deliveroo make money all year round from drivers’ hard work.
“Now times are tough – our members need some help back.
“The conflict in Iran has caused an unprecedented spike in fuel prices – bosses need to help drivers now if they want to keep them on the platform.”