Petrol stations are experiencing long lines of vehicles as motorists hurry to refuel amidst concerns of escalating fuel prices due to the ongoing conflict in the Middle East.
Pictures depict numerous cars queuing at the Costco petrol station in Trafford Park, Manchester today. The rush follows a statement by US President Donald Trump confirming a bombing operation on Kharg Island in Iran, which serves as Iran’s primary oil export hub, handling approximately 90% of the country’s crude oil.
Since the commencement of the conflict with Iran, oil prices have surged by over 40%, impacting drivers in the UK with an anticipated daily increase of £15 million in fuel expenses if the current trend persists.
Statistics indicate that due to price hikes, the daily expenditure on fuel nationwide has risen by £12.9 million compared to before the initial strikes on Iran on February 28 by the US and Israel. This figure is projected to exceed £15 million as prices continue to rise.
Government-released retailer data displayed on a new fuel price map reveals that the average cost of unleaded petrol has surpassed £1.40 per liter.
Overall, petrol prices in the UK have climbed by more than 10 pence per liter since the conflict began, with fuel stations nationwide consistently raising prices.
The Competition and Markets Authority (CMA) has cautioned fuel sellers about heightened monitoring of pump prices due to concerns of profiteering as Middle East tensions elevate wholesale costs, as reported by Manchester Evening News.
The CMA has put companies managing numerous filling stations nationwide on alert to prevent excessive profit-making at the expense of consumers. The authority will demand firms to disclose their revenue, costs, and sales data.
In response to the situation, Chancellor Rachel Reeves urged the UK competition watchdog to crack down on inflated fuel prices before a meeting with energy industry leaders. Reeves emphasized zero tolerance for companies exploiting Middle East uncertainties for excessive financial gains, citing worries about the impact on the cost of living.