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Petrol Price Increases in the UK and Their Impact on Verisk Pricing

LONDON, United Kingdom, 07 April 2022 — Through a combination of unprecedented events, including significant inflation and the lack of availability of crude oil, we are all experiencing rapid near record increases in the price of retail fuel.

Increases in the cost of petrol and diesel impact every part of our lives—particularly in the construction and restoration industries.  Here is what Verisk believes to be the main challenges and how we intend to help you control them:

  • Wholesale costs of materials (mining, manufacturing, distribution), including whether or not the materials are petroleum-based (bitumen, plastics/vinyl/uPVC).
    • Any impact will be reflected in the wholesale and retail prices of the materials themselves which we will capture during our normal research cycles.
  • Retail distribution of all materials
    • This impact may be reflected in your general delivery charge.
  • Operating petrol and diesel powered equipment onsite
    • While many equipment costs are embedded within individual line items, some are  separately charged for (generators, for example).
  • Labour overhead costs (i.e. getting labour to the job)
    • This will be reflected within the retail labour rates included in the Xactimate pricelists. Verisk has always allowed fuel costs in our labour overheads which reflect the most recent average regional fuel costs prior to publication.

Each of the above factors are intended to be included within the Xactimate line items. If the increase in fuel costs is sustained over a longer period, Verisk will ensure that it is reflected in the latest published retail labour rates.

Rest assured, the Verisk pricing data team will continue to monitor fuel prices and the impact they may have on your costs.