Forecourt operators are being cautioned against capitalizing on the surge in oil prices, with reports indicating that some have raised pump prices by nearly 9p per liter recently. Motorists are witnessing a gradual increase in petrol and diesel costs attributed to the Middle East conflict fallout.
According to the RAC, petrol prices have gone up by approximately 2.5p per liter, and diesel by over 3p, between last Saturday and this Wednesday. However, there are instances of even higher price hikes at certain forecourts.
FairFuelUK’s founder, Howard Cox, expressed concerns over potential “opportunistic profiteering,” revealing that numerous supporters reported a spike in pump prices by an average of 6.7p for petrol and 8.8p for diesel in the past 48 hours. He criticized forecourts for allegedly selling fuel at inflated prices despite purchasing stocks before wholesale price hikes, suggesting a trend of profiteering.
Lib Dem Treasury spokesperson, Daisy Cooper, condemned the escalating fuel prices, warning that consumers could face further financial burden if petrol stations continue to increase profit margins disproportionately. She urged regulatory intervention to prevent fuel giants from exploiting consumers and suggested imposing hefty fines on offenders.
Gordon Balmer, from the Petrol Retailers Association, acknowledged the impact of the Middle East conflict on wholesale fuel costs, necessitating a corresponding rise in pump prices. He highlighted the adverse effects of surging fuel prices on the economy, leading to higher inflation and straining household budgets.
The PRA has called on Chancellor Rachel Reeves to cancel a planned fuel duty increase later this year to alleviate the financial pressure on consumers. The ongoing surge in oil prices, with Brent crude exceeding $83 per barrel, has raised concerns about potential spikes in energy bills in the near future.
Market expert Dan Coatsworth warned of the repercussions of rising oil prices on energy costs, emphasizing the significance of oil in the global economy. He noted investor unease over the rapid price escalation and the uncertain outlook stemming from the evolving situation in the Middle East.
Amid ongoing supply risks following the Middle East attacks, crude oil markets remain volatile, particularly concerning trade routes through the Strait of Hormuz. The prevailing uncertainties have left investors grappling with the prospect of a sustained energy crisis or a transient disruption.