Forecourts have been cautioned against taking advantage of the surge in oil prices as reports suggest some have raised pump prices by nearly 9p per liter recently. Motorists are witnessing a gradual increase in petrol and diesel prices due to the repercussions of the conflict in the Middle East.
According to the RAC, the average price of petrol has gone up by almost 2.5p per liter, and diesel by over 3p, between last Saturday and this Wednesday. However, there are instances of prices at certain forecourts soaring by a much higher margin.
Howard Cox, the founder of FairFuelUK, highlighted concerns about “opportunistic profiteering,” noting that pump prices have spiked by an average of 6.7p for petrol and 8.8p for diesel in the past 48 hours, as reported by over 120 campaign supporters across the UK. He criticized forecourts for selling fuel at elevated prices despite procuring stocks before wholesale price hikes, suggesting a prevalence of opportunistic profiteering.
Daisy Cooper, the Lib Dem Treasury spokesperson, expressed discontent with the sharp rise in fuel prices, emphasizing the burden it places on consumers. She called for regulatory intervention to prevent fuel giants from exploiting families facing financial strain.
Gordon Balmer, the executive director of the Petrol Retailers Association, acknowledged the impact of the Middle East conflict on wholesale fuel costs, indicating an inevitable rise in pump prices. The PRA has urged Chancellor Rachel Reeves to reconsider a planned fuel duty increase later this year.
With Brent crude trading above $83 per barrel, oil prices have surged, raising concerns about potential spikes in energy bills. Dan Coatsworth, head of markets at broker AJ Bell, highlighted the rapid increase in oil prices and the uncertainty surrounding the energy market, driven by unfolding events in the Middle East.
The volatility in crude oil markets persists amid ongoing supply risks following the incidents in the Middle East, particularly concerning trade routes through the Strait of Hormuz.