Almost 61% of transport and storage firms are struggling with soaring costs because of the rise in fuel prices, according to latest figures.

The Office for National Statistics (ONS) said 60.9% of businesses in transportation and storage reported an increase in the price of goods or services they bought in May.

In the sector, 28% said they expected prices to rise further in the coming months. Only 1.4% said they thought prices would fall.

However, nearly 20% think their turnover will increase in July, with 46% believing it will remain static and 12.5% thinking their revenues will be reduced.

ParcelHero said businesses were wrestling with the twin challenges of Brexit’s continuing fallout and the sky-high price of fuel and that the country’s current political chaos couldn’t have come at a worse time: “It’s small wonder there was a 75% increase in the number of transport and logistics companies going bust in the first quarter of this year,” said head of consumer research David Jinks.

“What retailers and their supply chain organisations needed above all was a competent, stable government to get us through the renegotiation of the Northern Ireland protocol, steer the new Brexit freedoms bill through parliament and help companies survive the impact of Putin’s war in the Ukraine.”

Referring to the ONS figures that showed only 24.8% of companies in transport and storage had been able to pass their costs on, Jinks added: “There’s little wonder 15,005 transport and logistics companies failed in the first quarter of 2022 – 75% more than last year.

“What the surviving businesses need to see is a swiftly revitalised government seizing control and getting its programme of legislation back on track.”