Fuel Prices Set to Surge 10p per Litre by Weekend Amid Middle East Conflict
UK drivers are bracing for a significant increase in fuel costs, with petrol and diesel prices predicted to rise by up to 10p per litre by the upcoming weekend. This warning comes as current averages at forecourts across the country have already climbed to 133.4p for petrol and 143.2p for diesel, driven primarily by the ongoing war in the Middle East.
Expert Predictions and Industry Warnings
Howard Cox, founder of FairFuelUK, highlighted the escalating situation in an interview with GB News. He stated, "With refineries, oil tankers, and the Straits of Hormuz being targeted, oil prices will continue to climb relentlessly. A barrel of crude is already over $81 (£60.63)." Cox further predicted that pump prices could be hiked by up to 10p per litre by the weekend, blaming ruthless cash-grabbing wholesalers and major brands for holding independent retailers to ransom.
Cox also criticised political leadership, adding, "For over two decades, our clueless politicians have not planned to be self-sufficient in oil and gas production. They should be held to account for making the UK reliant on imports."
Current Market Activity and Supply Assurance
Gordon Balmer, executive director of the Petrol Retailers Association, which represents forecourts selling approximately 65% of fuel in the UK, reported a busy Monday with sales up by 30%. However, he emphasised that this does not indicate panic buying. Balmer said, "This is not at the panic-buying stage and certainly not at a point where forecourts are running out of fuel. There’s plenty of fuel in the UK."
He urged drivers to maintain their normal buying patterns, noting, "The latest data suggest some people are filling up in anticipation of a pump price increase. We would ask people to continue to buy fuel in their normal buying pattern because any price increases will take time to filter through to the pump."
Broader Economic Context
Richard Hunter, head of markets at Interactive Investor, provided a broader perspective on the oil market. He observed that the easing in the pace of the oil price rally suggests "a more sanguine approach to the implications of the US-Iran situation." Hunter added, "Oil price spikes usually follow conflict outbreaks, but the fact remains that escalation and duration are more of a concern than the immediate outlook."
This situation underscores the vulnerability of UK fuel prices to global geopolitical events, with drivers facing immediate financial pressures at the pump. Industry experts continue to monitor developments closely, advising caution to avoid exacerbating supply issues through unnecessary stockpiling.
