UK drivers are increasingly exposed to petrol and diesel 'price spikes', according to a new warning from the Energy & Climate Intelligence Unit (ECIU). Colin Walker, Head of Transport at the ECIU, stated that British motorists remain vulnerable to rising fuel costs driven by global conflicts, particularly the ongoing war in the Middle East.
IEA Warns of Supply Crunch
The International Energy Agency (IEA) issued a report on Friday highlighting that industry stock draws have exceeded normal rates, signalling a potential supply crunch for petrol and diesel due to refinery disruptions. The IEA warned that if refineries remain affected by the Middle East conflict, fuel supplies could stay tight for the rest of the summer.
Impact on Pump Prices
Petrol and diesel prices have already surged dramatically. In April, diesel costs reached as high as 191.5p per litre—49p more than at the end of February. Petrol owners faced up to 159p per litre, a rise of 25p per litre compared to earlier in the year. Although prices have fallen slightly in recent weeks, any escalation in hostilities could reverse this trend.
Call for Electric Vehicle Transition
Colin Walker urged the government to accelerate the transition to electric vehicles to reduce reliance on imported fossil fuels. He said: 'The IEA's warning is yet another reminder of how exposed British drivers are to price spikes caused by wars fought elsewhere in the world. Let's be clear, if government heeded calls from parts of the car industry to water down EV policy, families will stay vulnerable for longer.' He added that electric cars are increasingly powered by British renewables, and more second-hand EVs are entering the market.
Current Outlook
RAC Fuel Watch reports no forecast change for now, but diesel remains 22.3p per litre higher than at the end of February. The situation remains volatile, with potential further price increases if the Middle East conflict continues.
