Forecourt operators are being cautioned against taking advantage of surging oil prices as reports suggest some have raised pump prices by nearly 9p per liter recently.
Drivers are witnessing a gradual increase in petrol and diesel prices due to the aftermath of the conflict in the Middle East.
According to RAC, the average price of petrol has surged by close to 2.5p per liter, while diesel has seen an increase of over 3p between last Saturday and this Wednesday. However, certain forecourts have reportedly hiked prices by a much larger margin.
Howard Cox, the founder of FairFuelUK, has raised concerns about potential “opportunistic profiteering,” noting that pump prices have spiked by an average of 6.7p for petrol and 8.8p for diesel within the past 48 hours, despite forecourts allegedly purchasing stocks before wholesale price hikes.
Daisy Cooper, the Lib Dem Treasury spokesperson, criticized forecourts for exploiting consumers by increasing profit margins over time. She highlighted fears that the current trend of price hikes could continue, putting additional strain on families facing financial challenges.
Gordon Balmer, the executive director of the Petrol Retailers Association, explained that the Middle East conflict has pushed up wholesale petrol and diesel costs, necessitating retail price adjustments. Balmer emphasized the negative impact of rising fuel prices on the economy and household budgets already under pressure.
The Petrol Retailers Association has urged Chancellor Rachel Reeves to cancel a planned fuel duty increase later this year to alleviate the burden on consumers.
Global oil prices, specifically Brent crude, surged above $83 per barrel on Thursday. The sharp increase, coupled with rising wholesale gas prices, has raised concerns about potential spikes in energy bills for households in the near future.
Dan Coatsworth, head of markets at broker AJ Bell, highlighted the rapid rise in oil prices and its potential impact on energy costs. He expressed concerns about the uncertainty surrounding the evolving situation in the Middle East and its implications for global energy markets.
The crude oil market remains tense amid ongoing supply risks following recent events in the Middle East, with a particular focus on trade routes through the Strait of Hormuz.
