Drivers are being advised against panic buying as queues are spotted at fuel stations. Some motorists are filling up their tanks as a precautionary measure.
The increase in oil prices is linked to escalating tensions in the Middle East due to the conflict involving Iran. Concerns are rising over potential disruptions in oil and gas shipments through the vital Strait of Hormuz.
An Iranian official threatened to obstruct passage through the waterway, heightening tensions with the US and Israel. The price of Brent crude oil surged to $82 per barrel, leading to speculations of price hikes at the pumps.
Certain garages have reportedly run out of fuel, with unclear reasons whether it’s due to heightened demand or unrelated supply issues. Signs of “out of use” were seen at a forecourt in Croydon, while long queues formed at a Costco station in Liverpool.
Motoring experts advise drivers to maintain normal refueling habits as it takes time for cost increases to impact pump prices. Despite recent oil price spikes, the effects on pump prices may not be immediate.
Petrol prices have slightly decreased since the beginning of the year, but ongoing geopolitical tensions could reverse this trend. Price disparities persist across regions, with efforts to regulate petrol prices by the government.
While the average national petrol price stands at 131.5p per liter, some areas like Maidstone charge higher at 137.9p. Conversely, drivers in Lisburn and Castlereagh enjoy lower prices compared to the national average.
The UK’s most affordable petrol station is at Sainsbury’s in County Durham, offering fuel at 122.9p per liter. Conversely, the priciest station is an Asda outlet in South Lanarkshire, charging 163.9p per liter.
For diesel car owners, the cheapest option is at Asda in North East Lincolnshire, selling standard diesel at 129.7p per liter. Drivers can use an interactive widget to locate nearby petrol stations and check fuel prices.
Global oil shipping rates have surged due to the ongoing conflict, impacting supertanker costs in the Middle East. Disruptions in the Strait of Hormuz have significantly slowed oil and gas shipments, affecting global supplies.
AA president Edmund King anticipates further pump price increases in the coming weeks due to ongoing conflicts and disruptions in oil distribution. Prices may rise back to early-year levels in the short term.