The manager of a petrol station in Worcester has witnessed an increase of 8p per litre in fuel orders within a week due to the ongoing conflict in the Middle East. Leza Stephensen, in charge of Tolladine Service Station, mentioned that the surge in prices occurred following military actions by the US and Israel against Iran. In response, Iran retaliated by targeting states in the Gulf and issuing warnings regarding the passage through the vital Strait of Hormuz, a key route for global oil transportation.
Stephensen noted a significant price hike of 5p per litre between her order last Thursday and the delivery received yesterday morning, with an additional overnight increase of 3p. She acknowledged that suppliers have the right to adjust prices post-order placement due to fuel price fluctuations, stating it as an unavoidable aspect of their business.
Currently, Tolladine Service Station is retailing unleaded fuel at 134.9p per litre and diesel at 144.9p per litre. Stephensen indicated the likelihood of raising prices further due to the recent developments. She highlighted the potential impact of the order price and VAT on a potential increase of 10p per litre for consumers.
Expressing uncertainty about future prices, Stephensen emphasized the necessity of adjusting prices despite not gaining additional profits. Meanwhile, consumers in the UK are advised against panic buying as fuel prices are expected to rise amid the ongoing conflict. Gordon Balmer of the Petrol Retailers Association emphasized the inevitable need for pump price increases, attributing the rise to heightened wholesale costs of petrol and diesel resulting from the Middle East conflict. Balmer warned that escalating fuel prices could exacerbate inflation and strain household budgets already under pressure.