UK fuel prices hit eight-year high as petrol
stations run dry
Average price of litre of petrol rises from 135.9p on
Friday to 136.6p on Sunday, with further jump expected
Chaos worsened by motorists filling up with wrong fuel
Out of use signs on fuel pumps
Motorists have been scrambling to fill their vehicles
amid concerns about the supply of fuel to forecourts.
Richard
Partington and Rob Davies
Mon 27 Sep
2021 19.20 BST
Pump prices
for fuel in the UK have reached their highest level in eight years as petrol
stations run dry amid panic buying, with a further jump expected as wholesale
energy costs continue to surge.
Figures
from the RAC show the average price of a litre of petrol rose from 135.9p on
Friday to 136.6p on Sunday, the highest level since September 2013, as
motorists scrambled to fill up their vehicles.
Figures
from Experian Catalist show average diesel prices rose from 138.0p a litre on
Friday to 138.6p on Sunday. However, the AA said drivers and businesses would
be hurt most by a 5p rise in the wholesale price of diesel since early
September.
As queues
continued to form at forecourts on Monday after a chaotic weekend, the motoring
group warned that prices could rise further this autumn as the global oil price
soars to its highest level in three years.
It said
some retailers had also taken advantage of panic-buying by ramping up prices,
but reiterated there was no shortage of fuel at refineries and called on
motorists only to buy what they immediately needed.
“When it
comes to pump prices, it is a pretty bleak picture for drivers. With the cost
of oil rising and now near a three-year high, wholesale prices are being forced
up, which means retailers are paying more than they were just a few days ago
for the same amount of fuel,” said Simon Williams, the RAC’s fuel spokesperson.
“We might
yet see higher forecourt prices in the coming days, irrespective of the current
supply problem.”
Oil prices
on the global energy markets rose for a fifth straight day on Monday, with the
price of Brent crude hitting almost $80 (£58) a barrel, the highest since
October 2018, amid supply concerns and rising demand across a world emerging
from lockdown.
It comes as
the government faces pressure over its management of the economy, with
households braced for a difficult winter of rising living costs as ministers
prepare to cut universal credit benefits and increase national insurance
contributions.
Labour said
the combined effects of the energy crisis, benefit cuts and tax rises had
caused a “perfect storm” that would disproportionately hurt working families.
Jonathan Reynolds, the shadow work and pensions secretary, said: “It is not too
late for the government to change course, cancel their cut to universal credit
and back struggling families this winter.”
Major fuel
retailers, including BP, Shell and Esso, issued a statement on Monday evening
suggesting queues at forecourts were likely to ease now most people had filled
their tanks and urged the public to return to normal fuel-buying patterns.
“There is
plenty of fuel at UK refineries and terminals, and as an industry we are
working closely with the government to help ensure fuel is available to be
delivered to stations across the country,” they said.
“As many
cars are now holding more fuel than usual, we expect that demand will return to
its normal levels in the coming days, easing pressures on fuel station
forecourts. We would encourage everyone to buy fuel as they usually would.”
Hoyer,
which delivers petrol for BP, also urged motorists to stop panic buying. The
German-owned company said: “We are 100% focused on our delivery operations and
deliveries are getting through nationwide.
“However,
as long as people continue to buy or store fuel that they don’t need then it
will be difficult to replenish sites. We once again urge people to calm down,
fuel up when they need to and the situation will then be able to recover.”
Figures
from HSBC UK suggested Friday was the busiest day for spending at petrol
stations in recent memory. Payments increased by 50% from the same day a week
earlier, according to the bank’s data, with consumers spending just over £30 on
average compared with just over £20 for a normal Friday.
Economists
said rising petrol prices would add to inflationary pressures, while persistent
shortages could knock consumer confidence and drag down economic activity if
households and businesses started to restrict their travel.
The Bank of
England warned last week that higher energy costs would push inflation above 4%
this winter, with the gauge for the cost of living expected to remain at persistently
high levels until at least the middle of next year.
George
Buckley, an economist at the Japanese bank Nomura, said: “We remain concerned
about the risk that higher energy prices, lower confidence, and rising virus
case numbers could yet scupper the nascent [UK] economic recovery.”
Sem comentários:
Enviar um comentário