Petrol stations across the nation are witnessing long queues as drivers hurry to refuel amid concerns of escalating fuel prices due to the ongoing conflict in the Middle East.
Recent images depict numerous vehicles lining up at the Costco petrol station in Trafford Park, Manchester. This surge follows a statement from US President Donald Trump regarding a bombing operation on Iran’s Kharg Island, a crucial oil export hub for the country.
Since the conflict with Iran commenced, oil prices have surged by over 40%, significantly impacting motorists in the UK. It is estimated that the rising fuel costs could potentially add around £15 million daily to drivers’ expenses if the current trend persists.
Data indicates that the total daily expenditure on fuel in the UK has increased by £12.9 million since the initial strikes on Iran by the US and Israel on February 28. This figure is projected to surpass £15 million as prices continue to rise.
Government-released retailer data displayed on a new fuel-price map reveals that the average price of unleaded petrol has now surpassed £1.40 per liter.
Overall, petrol prices in the UK have soared by more than 10p per liter since the conflict began, with fuel stations nationwide consistently raising prices.
The Competition and Markets Authority (CMA) has heightened its scrutiny of pump prices amidst concerns of potential profiteering by fuel retailers due to escalating wholesale costs driven by Middle East tensions, as reported by Manchester Evening News.
To prevent excessive profit-making at the expense of consumers, the CMA has put fuel retailers on notice, demanding detailed revenue, cost, and sales data from these companies.
Chancellor Rachel Reeves has urged the UK competition watchdog to crackdown on unfair fuel pricing practices ahead of a meeting with energy industry leaders. She emphasized the need to prevent firms from taking advantage of Middle East uncertainties to exploit consumers and increase profits excessively, given the concerns about the impact on the cost of living.
