Concerns over a potential shortage of petrol have led to extensive queues in various regions as the ongoing conflict in Iran causes a surge in wholesale oil prices worldwide.
The month-long Iran war has driven oil prices to levels not seen since the height of the Covid pandemic, with the price of crude oil peaking at $119 (£90) briefly today.
The spike in prices is attributed to the shutdown of the vital shipping lane, the Strait of Hormuz, in the Middle East, resulting in petrol prices exceeding $4 (£3) per gallon in the US for the first time in nearly four years. In the UK, this translates to petrol prices reaching 152.8p per litre, marking a 20p increase since the conflict began.
The ensuing apprehension has driven British consumers to flock to petrol stations, evidenced by pictures depicting long queues formed by over 50 vehicles at a petrol station in Bristol amid fears of a fuel scarcity. The rush for fuel has been described by some as reminiscent of scenes from an apocalyptic movie.
Despite the relatively lower prices at certain stations, such as Costco, where the cost is still below the national average of 176.5p per litre for diesel and £148.8 for petrol, some locations are now advertising diesel prices as high as 200p per litre.
Reports indicate that some petrol stations have already run out of fuel due to panic buying by motorists, leading to ‘no fuel’ signs being displayed at certain supermarket forecourts. Authorities are urging calm and advising against panic buying or hoarding fuel, emphasizing that the UK’s fuel supply remains resilient amidst the Middle East crisis.
Despite reassurances from trade bodies, the RAC, and the government regarding the stability of the national fuel supply, drivers are feeling the impact of escalating prices.
In an interview with the BBC, Cambridge scaffolder Liam O’Brien highlighted the significant cost increase, with estimates suggesting an additional £10.55 to fill up a typical family petrol car and £21.35 for a diesel car. O’Brien expressed discontent over the rising prices, citing an extra financial burden of £400 per month.
O’Brien stated: “For three or four vans, it amounts to an additional full tank’s worth each week, which is unacceptable. It equates to an extra £400 monthly if we refuel one tank weekly. Everyone is vying for a share of the pie.”
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