Massive lines at fuel stations have been triggered by concerns of a petrol shortage in various regions due to the ongoing Iran conflict, causing a surge in wholesale oil prices globally. The price of oil has skyrocketed to its highest level since the Covid outbreak, reaching $119 (£90) per barrel recently.
The closure of the crucial shipping route, the Strait of Hormuz, in the Middle East has led to the escalation of petrol prices, exceeding $4 (£3) per gallon in the US for the first time in almost four years. In the UK, this surge has pushed petrol prices to 152.8p per liter, marking a 20p increase since the conflict started.
Britons have been flocking to gasoline stations amid fears of a fuel shortage, with images showing long queues of over 50 vehicles at a Costco station in Bristol. Some have likened the scenes of queues resembling those from an apocalyptic movie. Despite the rising prices, Costco’s rates remain lower than the national average of 176.5p per liter for diesel and £148.8 for petrol, with some stations charging up to 200p for diesel.
Reports indicate that some fuel pumps have already run dry as panic-buying ensues, prompting warnings from authorities to avoid hoarding fuel. While trade bodies and the government assure the public of a stable fuel supply in the UK, motorists are feeling the impact of the escalating prices.
Cambridge scaffolder Liam O’Brien expressed frustration over the price hikes, noting that it now costs significantly more to fill up his family’s vehicles. The RAC estimates an additional expenditure of £10.55 for a typical petrol car and £21.35 for a diesel car per refill, leading to an extra financial burden of £400 per month for Mr. O’Brien.
The situation remains tense as consumers grapple with the financial strain of increased fuel costs, with no immediate relief in sight.
