Fuel Price Shock Not Seen Since 2024 as Queues Build at Petrol Stations
Drivers across the UK are being warned to brace themselves for further increases at forecourts, as fuel prices experience a shock not witnessed since 2024. This alarming development comes amid ongoing conflict in the Middle East, which is severely disrupting global oil supplies and sending costs soaring.
Diesel Prices Surge to 18-Month High
According to the RAC, the average price of a litre of diesel has surged by nearly 6p since last Saturday, reaching 148p. This marks the highest rate seen at UK forecourts since mid-August 2024, adding fresh cost of living woes for households already grappling with financial pressures.
Average petrol prices have also climbed significantly, rising by almost 4p per litre since Saturday to 137p, as reported by Mirror. As a result, filling a typical 55-litre family car with petrol is now approximately £2 more expensive, while diesel cars face a steeper rise of about £3.30 per fill-up.
Queues Form as Motorists Seek Lower Prices
The rapid price increases have led to reports of queues building up at petrol stations, with motorists desperate to take advantage of lower prices while they still can. This panic-buying behaviour underscores the growing concern among drivers about the escalating costs and their impact on daily budgets.
Middle East Conflict Drives Oil Price Jump
The fuel price surge follows a week after the US and Israel launched strikes on Iran, exacerbating tensions in the region. Disruption to tanker traffic in the Middle East has sparked a sharp jump in oil prices, which directly impacts wholesale fuel costs. Brent crude oil jumped to 85 US dollars (£64) on Thursday, a level not seen since July 2024.
Warnings of Further Increases Ahead
There are clear warnings that prices could surge even further over the coming days and weeks. RAC head of policy Simon Williams commented, "While wholesale costs for any retailer buying in new stock will have gone up, it normally takes two weeks for price changes to work their way through to the forecourt."
He added, "If the price of a barrel stays at this level, or increases, then further forecourt rises will be inevitable. While the rate of increase has been fast, we’re fortunately a long way from the record prices of 2022 when the average price of petrol hit 191.5p and diesel 199p."
This situation highlights the fragile nature of global fuel markets and their susceptibility to geopolitical events, with UK consumers bearing the brunt of these disruptions through higher costs at the pump.
