Calls for calm over panic buying fuel after Middle East crisis escalates

The London mayor has urged people to avoid panic buying after concerns that the Middle East conflict could push up fuel prices.

Long queues of cars were reported at forecourts across the UK yesterday after fighting in the Middle East saw Iran close the Strait of Hormuz, a passage in the Gulf region handling around 20% of the world’s oil supply.

In Bushey, north London, some drivers waited for over an hour to fill up yesterday, and reports are emerging that some petrol stations are running low.

Petrol prices have risen by almost 2.5p per litre since Saturday, when US and Israel launched the ‘Operation Epic Fury,’ followed by retaliation from Iran.

With the Strait now closed and airstrikes showing no sign of stopping in the region, drivers might be tempted to break their usual refuelling for fear that forecourts could put prices up.

Sadiq Khan, the London mayor, called for calm today and for people to avoid hoarding despite the volatile situation.

He said: ‘We know in the past, whether it’s just before lockdown or whether it was during the fuel crisis in the past, there have been people who try and stock up, whether it is on fuel or other things, before an imminent potential crisis.

‘We’re keeping our fingers crossed that the conflict in that part of the world is short-term, not enduring.

‘I’ll ask people to be sensitive and respectful of others in terms of this.

‘What we don’t want is massive hoarding or queues being formed by people panic buying, so I understand people’s concerns in relation to whether it’s fuel or other things as well, but let’s hope, fingers crossed, that this conflict ends soon.’

The motoring expert RAC and its head of policy, Simon Williams, were hopeful that the average price of petrol will not rise beyond 136p.

Today, the price point had hit 135.20p for petrol.

He told Metro: ‘The average price of petrol has increased by nearly 2.5p a litre since Saturday and diesel by more than 3p on the back of oil surging above $81 a barrel – a price not seen since January last year.

‘Providing oil stays around this level the average price of petrol shouldn’t really rise to more than 136p.

‘Diesel, however, is increasing at a faster rate.’

There have also been no signs of the country’s oil supply running out anytime soon, and the government said it is monitoring the situation closely.

The Department for Energy Security and Net Zero has said there were no reported impacts to UK fuel supply.

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