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Fuel prices & availability
With the continuing uncertainties over the war in the Middle East and the restrictions on oil supplies passing through the Strait of Hormuz, what are the prospects for motor fuel prices and the availability of fuel at filling stations in the UK?

Source: Times 260326

Update

Petrol prices appear to be level but diesel is on average up by 5p a litre or +3.3% in less than four days.

Updated: 260329
Posted: 260326

Could we see reduced availability of motor fuel in the next month or so?
There are reports that the UK Government has been reviewing the need demand constraint measures', including a cap on the amount of fuel motorists can buy, if disruption to oil supply continues. The Times reports "Ministers are examining plans to ration petrol and diesel supplies at the pump if the conflict in the Middle East continues to restrict the supply of oil to the UK. Government figures show that the country has less than 900,000 tonnes of petrol in storage - 10 per cent less than a year ago and about 26 days' supply at normal demand levels". Although ministers insist in private that the UK currently has adequate reserves to avoid rationing, senior Government sources admit that "demand constraint measures" could become necessary if significant disruption to oil supply continues.

The UK is heavily reliant on oil and gas imports, with the major share of those imports coming from the US and Norway. The price of oil on the global market determines how much the UK pays for it. Though the UK does get oil from the North Sea, most of that is exported for refining elsewhere. Analysts say every US$10 increase in the crude oil price pushes up pump fuel prices by roughly 7p a litre.

Fuel prices - what has been seen in the UK recently?
Recent data from the RAC "shows that since the war began, average petrol prices have risen by 16.6p to 149.44p a litre. The most recent data from the RAC shows that since the war in the Middle East began, average petrol prices have risen by 16.6p to 149.44p a litre".

RAC head of policy Simon Williams said on Wednesday 25th March that "the average price of petrol shot up by 1.4p to 148.55p a litre, its biggest daily increase since 3rd March. Petrol has now risen 15.7p a litre, or 11.8%. Diesel has jumped by nearly 3p a litre since Monday 23rd to 173.83p. This means it's now gone up 31.5p since 28th February, a 22% increase. Diesel looks likely to break the 180p litre mark in the next week or so, and if it goes on to reach 182p the price of a tank for a family car would breach £100. If petrol climbs to 150p, as seems inevitable, it will take the cost of a typical fill-up to £82.50".

The checks on petrol prices in five locations made on the petrolprices.com website this morning covering England and Scotland show a significant variance in fuel prices across the UK.