With the conflict in the Middle East nowhere close to being resolved, the world has been feeling the pinch of the war. Petrol and diesel prices continue to rise at alarming levels.
The United Kingdom has been feeling the effects of the US–Israel–Iran war, with oil and gas prices surging. Based on figures from motoring organisation RAC, the average petrol prices have risen by 19p to 152p a litre, per a report by the BBC.
Diesel prices have also increased by 38.8p to 181p a litre. With the Middle East conflict ongoing, these prices are projected to surge further.
The cost of fuel right now is at its highest since November 2022, when the average petrol prices were at 164.7p per litre. Diesel also hit record levels, exceeding 185p to 189p per litre, according to the AA Fuel Price report.
Rising Worries Among Consumers
While there are claims that fuel supply is flowing normally, consumers are starting to get worried. Particularly in Northern Ireland, reports of closed pumps at petrol stations have sparked worries of a potential fuel shortage on the horizon.
With that in mind, consumers may resort to panic buying. Despite that looming possibility, Fuels Industry UK and the Petrol Retailers Association have reassured the public that there is sufficient fuel supply in an effort to ease the situation.
'We're aware of reports circulating about fuel availability at a small number of forecourts in Northern Ireland,' the two agencies said in a joint statement in another report by BBC. 'Supply is flowing normally and there is no need for any change in usual buying habits in Northern Ireland.'
Belfast Petrol Stations Drying Up?
Despite the assurance from these organisations, there have been sightings that hint otherwise. At some forecourts in Belfast, there were petrol stations that were either blocked off or had handwritten signs that read, 'No fuel at all', according to the Belfast Telegraph.
Another station, the Tesco store located in Knocknagoney showed cars lining up to get fuel in two remaining pumps that had petrol, something that was expected to run out soon. No diesel was available at that station.
Fuel Shortage Looming Large
Despite the assurances of organisations monitoring fuel supply, there are some who believe that a fuel shortage is imminent with the blockages to the Strait of Hormuz. Hence, calls to reduce energy and fuel have been advised by the International Energy Agency (IEA).
The IEA gave a list of measures to reduce energy and fuel use. That includes transition to work from home setups or carpooling for people who need to be physically present at their place of work.
The issue the world is facing on energy and fuel consumption may only be the start of worse things to come. With transport costs incurred by businesses rising, the added cost may be passed on to retailers and shops. This means that a spike in commodities and goods should be expected unless the Middle East conflict is resolved.
Experts are hoping for the best in the next three months, hopefully enough time to end the war in the Middle East. If the situation remains the same and does not improve, petrol and diesel prices are expected to rise even more. This, in turn, will affect businesses and the cost of basic goods, a reality that everyone needs to brace for.
Originally published on IBTimes UK
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