Fuel retailers are preparing for a surge in demand as Easter holidaymakers return this weekend, with concerns of possible temporary fuel shortages at gas stations. Many drivers are realizing the impact of the Middle East crisis on fuel supply and prices, prompting them to top up their tanks before and after their trips.
Approximately one-fifth of global oil and liquefied natural gas supplies are reportedly stuck in the Gulf due to Iran’s actions, leading to price hikes. Oil prices have risen to around $109 per barrel from $77 last month, while gas prices have surged by about 75%, with projections of further increases. Diesel prices have hit an average of 185.2p per liter, with petrol at 154.4p, and are expected to climb higher, according to the RAC.
Despite concerns, the UK is not anticipated to face a diesel shortage, but supplies may decrease by over 10% by mid-month. Government officials reassured the public that petrol stations have ample stock and a robust supply chain to prevent severe shortages.
Business leaders are urging the government to halt planned fuel duty increases, while there are calls to restrict fuel exports to ensure domestic supply. Concerns have been raised about the country’s vulnerability to energy crises due to heavy reliance on imported fossil fuels.
Energy sector executives have seen a significant increase in their fortunes amid the ongoing crisis, with some individuals experiencing multi-million-pound gains in their shareholdings. The surge in energy company valuations is attributed to the conflict in the Middle East and disruptions in the Gulf region.
Top executives at major energy companies, including Harbour Energy, Shell, Centrica, and BP, have witnessed substantial growth in their share values since the conflict began. While these corporate leaders have seen substantial wealth gains, ordinary consumers are facing record-high fuel prices due to global geopolitical tensions.
Centrica and Shell declined to comment on the matter, while Harbour Energy and BP did not provide a response to inquiries.
