Forecourt operators have been cautioned against capitalizing on the surge in oil prices, with reports suggesting some have hiked pump prices by almost 9p per liter recently.
Motorists are observing an uptick in petrol and diesel prices linked to the ongoing tensions in the Middle East, leading to concerns among consumers.
According to the RAC, petrol prices rose by around 2.5p per liter and diesel by over 3p between last Saturday and Wednesday. However, there are instances of significantly higher price increases at certain forecourts.
Howard Cox, the founder of FairFuelUK, raised concerns about “opportunistic profiteering,” citing reports from over 120 supporters indicating a spike of 6.7p for petrol and 8.8p for diesel in the past 48 hours.
Daisy Cooper, Lib Dem Treasury spokesperson, criticized forecourts for potentially exploiting consumers already struggling with rising fuel costs. She emphasized the need for regulatory intervention to prevent fuel giants from taking advantage of families.
Gordon Balmer, from the Petrol Retailers Association, highlighted that the Middle East conflict has pushed up wholesale fuel prices, necessitating an increase in pump prices, which could further strain household budgets.
The PRA has urged Chancellor Rachel Reeves to cancel a planned fuel duty hike later this year, in response to escalating oil prices, with Brent crude surpassing $83 per barrel.
Dan Coatsworth, head of markets at broker AJ Bell, expressed concerns over the rapid increase in oil prices, impacting global economies and potentially leading to soaring energy bills for consumers.
Amid ongoing supply risks following Middle East attacks, crude oil markets remain volatile, particularly due to concerns surrounding trade routes like the Strait of Hormuz.
