Concerns over a potential petrol shortage have led to extensive queues in various regions as the ongoing conflict in Iran causes a surge in wholesale oil prices worldwide.
The month-long Iran war has resulted in oil prices peaking at their highest levels since the Covid-19 pandemic, with the crude oil benchmark briefly hitting $119 (£90) earlier today.
Escalating prices are attributed to the closure of the crucial Strait of Hormuz in the Middle East, causing petrol prices to surpass $4 (£3) per gallon in the US for the first time in almost four years. In the UK, this increase has translated to petrol prices reaching 152.8p per litre, marking a 20p rise since the conflict began.
Amid growing concerns, British citizens have been rushing to gas stations, with images depicting long queues forming as they strive to avoid potential further price hikes.
Recent images capture over 50 vehicles lining up at a petrol station amidst fears of a fuel shortage. Aerial views reveal the extensive queue of cars and trucks at Costco in Bristol today as fuel prices continue to soar. The frantic rush for fuel has led some to liken the scenes and queues, such as the one photographed, to those seen in apocalyptic movies.
Despite the relatively lower price at Costco, compared to the current national averages of 176.5p per litre for diesel and £148.8 for petrol, some pumps across the country are now advertising diesel at prices as high as 200p.
The conflict in the Middle East has already led to some petrol stations running out of fuel due to panic buying by motorists and the appearance of ‘no fuel’ signs at various supermarket forecourts. While authorities are urging calm and advising against panic buying or hoarding fuel, they reassure that the UK’s fuel supply remains resilient in the face of pressures from the Middle East.
Industry bodies, the RAC, and government officials have all reiterated that the national fuel supply is stable, yet drivers continue to feel the impact of surging prices.
In an interview with the BBC, Cambridge scaffolder Liam O’Brien highlighted the noticeable price differences, with the RAC estimating an extra cost of £10.55 to fill up a standard family petrol car and £21.35 for a diesel car. O’Brien expressed discontent over the rising prices, citing an additional expenditure of £400 per month.
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