Concerns over a potential shortage of petrol have led to extensive lines at gas stations in certain regions due to escalating wholesale oil prices worldwide stemming from the ongoing conflict in Iran.
The month-long Iran war has driven oil prices to their highest levels since the Covid pandemic, with the crude oil benchmark briefly hitting $119 (£90) earlier today.
The surge in prices is attributed to the closure of the Strait of Hormuz, a critical shipping route in the Middle East, causing petrol prices to surpass $4 (£3) per gallon in the US for the first time in nearly four years. In the UK, this has translated to petrol prices reaching 152.8p per litre, marking a 20p increase since the conflict started.
With growing apprehension, British citizens have flocked to gas stations, forming long queues in efforts to avoid being impacted by further price hikes.
New images depict more than 50 vehicles lining up at a petrol station amidst concerns of a potential fuel scarcity. Aerial views show the extensive line of cars and trucks at Costco in Bristol today as fuel prices continue to soar. The frantic rush for fuel has led some to liken scenes of lengthy queues to those seen in apocalyptic movies.
Despite the relatively lower price at Costco, compared to the current national averages of 176.5p per litre for diesel and £148.8 for petrol, some pumps across the country are now charging as much as 200p for diesel.
The Middle East conflict has already led to some gas stations running out of fuel due to panic buying by motorists, with ‘no fuel’ signs displayed at certain supermarket forecourts. Authorities have urged calm and discouraged panic buying or hoarding of fuel, emphasizing that the UK’s fuel supply remains resilient against the pressures from the Middle East.
Various organizations, including the RAC and government bodies, have reiterated that the national fuel supply is stable, yet drivers are still feeling the impact of the escalating prices.
In an interview with the BBC, Cambridge scaffolder Liam O’Brien highlighted the noticeable price differences, with the RAC estimating an additional cost of £10.55 to fill up a standard family petrol car and £21.35 for a diesel car. O’Brien expressed dissatisfaction with the rising prices, stating that it was costing him an extra £400 per month.
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