A surge in petrol prices has been witnessed at a service station in Worcester, as orders have increased by 8p per litre within a week due to the ongoing conflict in the Middle East.
Leza Stephensen, the manager at Tolladine Service Station, noted a significant rise of about 8p per litre in fuel orders in less than a week. This spike in prices follows recent attacks by the US and Israel on Iran, leading to retaliatory actions by Iran targeting Gulf States and issuing warnings regarding passage through the vital Strait of Hormuz, a key oil shipping route.
Stephensen expressed her concerns about the escalating prices, mentioning that the cost per litre had increased by 5p between placing an order last Thursday and yesterday’s delivery, with an additional 3p rise overnight. She acknowledged the suppliers’ right to adjust prices due to fuel price fluctuations, indicating that it is a challenge they have to adapt to.
Currently, Tolladine Service Station is selling unleaded fuel at 134.9p per litre and diesel at 144.9p per litre. Stephensen anticipates the need to further increase prices, potentially by 10p per litre, considering the impact of the recent order price and VAT. Uncertainty looms over future price changes, with Stephensen emphasizing the necessity of adjusting prices to manage operational costs.
As concerns mount over potential panic buying, Gordon Balmer, the executive director of the Petrol Retailers Association, acknowledged the inevitability of pump price increases due to heightened wholesale costs of petrol and diesel resulting from the Middle East conflict. Balmer emphasized the adverse economic effects of rising fuel prices on inflation and household budgets.
The situation underscores the impact of geopolitical tensions on fuel costs, signaling a challenging period for both retailers and consumers amidst the ongoing conflict in the region.
