‘It makes me really cross to see petrol and diesel retailers hiking fuel prices at the first excuse they get’
A person using a petrol pump(Image: PA)
The Hull and Humber Chamber of Commerce is demanding petrol retailers stop profiteering from the crisis in the Middle East and driving up business costs. Petrol and diesel prices have soared following the start of the conflict, placing an “unnecessary and unreasonable” burden on businesses which are already struggling to cope with financial challenges in a tough economic climate.
As previously reported, drivers are now facing inflated prices in excess of £1.45 per litre for diesel in some instances, with unleaded fuel prices up to £1.38 on some forecourts. This is compared to £1.29 for diesel before the US and Israel launched operations in Iran.
The RAC also predict higher prices are on their way – saying average UK petrol and diesel prices could top 150p and 180p per litre respectively – but Chamber managing director David Hooper has slammed some retailers for raising prices on existing resources.
David said: “It makes me really cross to see petrol and diesel retailers hiking fuel prices at the first excuse they get. The fuel they’ve already bought and is sitting in tanks under their forecourts is bought weeks in advance and hasn’t gone up so they’re simply ripping off motorists.
“Worse than that, they’re adding costs to hard-pressed businesses – everything gets delivered to the shops by trucks, if you increase their costs by raising fuel prices, those higher costs will quickly be passed on to the consumer which then drives up inflation and interest rates.
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“While the war in the Middle East is shocking and may well drive up prices eventually, I don’t think they should be going up yet. While the oil price did spike, it has now dropped back again to $90 a barrel. Before the conflict started, it was $80 dollars a barrel. The Government met with the G7 this week to look at releasing some strategic reserves to keep fuel supplies stable if necessary, so the Chamber doesn’t think there’s any excuse to be hiking prices so steeply at this moment in time.
“If the conflict continues for any length of time, then prices may well have to increase if the cost of new fuel supplies goes up, but at the moment forecourt prices shouldn’t be at the levels we’re seeing in the Humber.
David added: “Energy prices have fallen sharply after US President Trump said that the war in Iran would end “very soon”, allaying fears of lengthy disruption. We’ve seen stock markets also rebound and gas prices falling back, so the last thing we need is petrol retailers sparking another round of panic buying in response to rising forecourt prices.”
Meanwhile, the AA has said that motorists should drive less to save fuel and “consider cutting out some non-essential journeys and changing their driving style to conserve fuel”.
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