Forecourt operators have been cautioned against capitalizing on the surge in oil prices as reports indicate some have hiked pump prices by nearly 9p per liter recently. Motorists have observed an uptick in petrol and diesel prices linked to the Middle East conflict fallout.
According to the RAC, the average price of petrol rose by close to 2.5p per liter, and diesel by over 3p, between last Saturday and this Wednesday. However, there are instances of forecourts imposing significantly higher price hikes.
Howard Cox, founder of FairFuelUK, highlighted concerns about “opportunistic profiteering,” citing reports from over 120 campaign supporters across the UK who noted increases of 6.7p for petrol and 8.8p for diesel in the past 48 hours.
Daisy Cooper, the Lib Dem Treasury spokesperson, criticized forecourts for potentially exploiting consumers by raising prices disproportionately. She called for intervention by competition authorities to prevent fuel giants from taking advantage of already financially burdened families.
Gordon Balmer, executive director of the Petrol Retailers Association, acknowledged that the Middle East conflict has pushed up wholesale petrol and diesel costs, necessitating price adjustments at the pumps. The PRA has urged Chancellor Rachel Reeves to cancel a planned fuel duty increase later this year.
Oil prices continued to climb, with Brent crude surpassing $83 per barrel. The rapid increase, coupled with escalated wholesale gas costs, has raised concerns about possible spikes in energy bills for households.
Dan Coatsworth, head of markets at broker AJ Bell, emphasized the impact of rising oil prices on the global economy and investor uncertainty. The evolving Middle East situation has heightened fears of a prolonged energy crisis or a sudden shock.
Crude oil markets remain tense amid ongoing supply risks following incidents in the Middle East, particularly focusing on trade routes through the Strait of Hormuz.