Forecourt operators have been cautioned against taking advantage of the surge in oil prices, with reports indicating that some have hiked pump rates by nearly 9p per liter recently.
Drivers are observing an uptick in petrol and diesel prices linked to the ongoing turmoil in the Middle East. The RAC disclosed that petrol prices rose by close to 2.5p per liter and diesel by over 3p between the previous Saturday and Wednesday. However, certain forecourts have reportedly implemented more substantial price increases.
Howard Cox, the founder of FairFuelUK, highlighted concerns about “opportunistic profiteering,” citing reports from over 120 campaign supporters who noted price hikes of 6.7p for petrol and 8.8p for diesel within 48 hours.
Daisy Cooper, the Lib Dem Treasury spokesperson, criticized forecourts for potentially exploiting consumers amid the escalating costs of fuel. She urged regulatory intervention to prevent fuel retailers from taking advantage of struggling households.
Gordon Balmer, from the Petrol Retailers Association, emphasized that the Middle East conflict has pushed up wholesale petrol and diesel prices, necessitating retail price adjustments. The PRA has urged Chancellor Rachel Reeves to reconsider a planned fuel duty increase later this year.
Oil prices continued to rise, with Brent crude surpassing $83 per barrel. This surge, coupled with heightened wholesale gas costs, has raised concerns about possible energy bill spikes in the near future.
Dan Coatsworth, head of markets at broker AJ Bell, expressed apprehension over the rapid increase in oil prices and its potential impact on energy bills. He noted the uncertainty surrounding the Middle East situation and its implications on the global economy.
The crude oil market remains volatile, facing ongoing supply risks post the Middle East attacks, particularly concerning trade routes like the Strait of Hormuz.