By James Sillars, business and economics reporter
There is a rush to beat fuel price increases at a growing number of petrol stations.
Some forecourts are seeing sales around 30% above normal.
Queues have been sporadically reported since late yesterday, and appear to be spreading, despite advice that such activity only risks making things worse.
Fuel costs were already rising, and on course to grow further, in advance of the US-Israeli war with Iran.
Much of the increases can be attributed to fears that the regime in Tehran would come under attack and potentially cause disruption through the vital Strait of Hormuz.
At time of writing the strait, through which around a fifth of the world’s oil passes, is effectively a no-go zone due to Iranian attacks on infrastructure in the Gulf.
The Petrol Retailers’ Association (PRA) told Sky News that the spike in oil costs seen since yesterday had already fed into wholesale prices for both petrol and diesel, rising by 2.31p-per-litre and 7p-per-litre respectively.
The body, which represents about 60% of the UK fuel market, said these costs would likely slowly filter through to the pumps over the course of the next few weeks.
Some independent retailers, it said, could have to pass them on more quickly because of the nature of their fuel-buying contracts.
The industry will be nervous of a repeat of the driver behaviour which took hold in 2021, when drivers reacted to a shortage of tanker drivers by panic-buying.
That led to widespread shortages and even higher prices. The disruption lasted for more than a month.
The fear for the fuel industry is that changes to usual delivery flows, through unusual volumes of driver purchases, can raise the risk of shortages and price spikes.
Gordon Balmer, executive director of the PRA, told Sky News: “To ensure we have adequate supplies to go round, exercise restraint and buy normally”.
“Rising fuel prices hurt the economy in the form of higher inflation, impacting already hard-pressed household budgets,” he explained.
RAC Fuel Watch data showed that current average UK pump prices were 132.86p-per-litre for petrol, with diesel at 142.44p.
Balmer called on the chancellor not to go through with planned fuel duty rises.
A phased increase is due to begin in September, around two months before the next budget would be due.
It is impossible to say where oil, gas, fuel and other such prices could be as we head towards autumn but it is clear there will be a limited fuel price increase in the short term as the war plays out.
Importantly, average price increases will come in below those lifts in wholesale costs.
Drivers can find the cheapest fuel prices in their area by using the petrol prices app or website.
