Arriva has spooked investors after revealing it had seen "substantial" hikes in fuel prices since the beginning of the year (link below.)
http://www.rmtbristol.org.uk/2008/04/arriva_shares_hit_by_fuel_worr.html#more

The Sunderland-based group, which runs more than 6,500 buses in the UK, has a hedging policy protecting it from a "material" hit this year - but was silent over the potential impact on 2009's figures.

Its shares fell almost 5% as travel and transport stocks such as rival FirstGroup and budget airline easyJet were hit by oil prices surging towards 120 US dollars a barrel.

This came despite Arriva's comments on a "positive" outlook for 2008, and a "robust" balance sheet offering prospects of more investor returns following last year's dividend hike.