Long queues are being reported at petrol stations across Britain as panic buying drivers fear fuel prices could rise due to the ongoing chaos in the Middle East.
Queues for petrol and diesel were spotted at Costco in Liverpool on Tuesday morning, while drivers were also seen bumper to bumper at Manchester’s branch of the wholesaler.
A sign was put out at the Tesco petrol station in Kings Lynn, Norfolk, warning drivers that it had run out of diesel, while empty pumps were also sighted in Croydon and Cricklewood.
The ongoing conflict between Iran, Israel and America has caused a jump in the price of oil and raised the possibility of higher fuel costs for motorists.
Iran has warned vessels not to pass through the Strait of Hormuz, a crucial waterway to the south of the country through which about 20% of the world's oil and gas is shipped.
The worsening situation is set to push both petrol prices and energy bills up, according to experts, but the British public are being urged not to panic buy.
Breakdown service the AA said that pump prices will ‘inevitably increase’ in the coming weeks but that drivers should enjoy a three miles per gallon boost to fuel efficency in the warmer weather to compensate somewhat for this.
Edmund King, AA president, told the Express: “Pump prices in the coming weeks will inevitably increase, at worst in the short-term back up to where they were at the start of year. Petrol in February had been at a low of 131.9p a litre. It had started this year at 135.7p a litre.”
He added: "There is no need for drivers to break their refuelling routine. As well as better fuel efficiency [as the weather warms], it takes time for cost increases to work their way through to the pump. Supermarkets tend to hold their prices down for longer. However, with the Government’s Fuel Finder pump-price transparency now becoming established, drivers will soon be able to spot all the cheaper fuel stations locally and locate where to [go to] keep their fuel costs down.”
RAC head of policy Simon Williams said the conflict has the potential to push up pump prices in the UK, but that it was not a certainty.
“The oil price would have to rise significantly and stay that way for some time to have a dramatic effect,” he said.