Fuel Stations Brace for Post-Easter Demand Surge Amid Global Supply Threats
Fuel retailers across the UK are bracing for a significant surge in demand from motorists returning from their Easter breaks this weekend, amid warnings of potential temporary shortages at the pumps. This alert comes as millions of drivers made trips over the long weekend, with many expected to refuel both before and after their journeys, heightening concerns over supply disruptions.
Global Supply Disruptions Drive Price Increases
The warning coincides with reports that approximately one-fifth of the world's oil and liquefied natural gas supplies remain trapped in the Gulf following Iran's near closure of the Strait of Hormuz. This geopolitical tension has caused a sharp rise in prices, with oil currently priced at around $109 a barrel, up from $77 at the start of last month. Additionally, gas prices have surged by about 75%, prompting energy suppliers to warn that household gas and electricity costs could increase by up to £288 annually by summer if the conflict persists.
According to the RAC, the average cost of a litre of diesel has reached 185.2p, with petrol at 154.4p, and further price hikes are anticipated. Experts predict that diesel supplies could drop by more than 10 per cent by mid-month, although the UK is not expected to completely run out of fuel.
Calls for Government Action and Export Bans
In response to the crisis, business leaders are urging ministers to abandon planned fuel duty rises. Labour donor Dale Vince has called on Energy Secretary Ed Miliband to order operators to halt fuel exports if Britain risks shortages. Vince criticised the UK's reliance on fossil fuel imports and globalisation for exposing the country to energy crises, stating, "We can ban exports from the North Sea. If we are facing the prospect of a fuel shortage, then stop exporting it. It doesn’t make sense to export our oil and gas when facing a shortage, it’s bonkers."
Energy Bosses' Fortunes Soar Amid Crisis
Meanwhile, analysis reveals that the fortunes of energy executives have surged significantly since the Middle East crisis began. Research by the End Fuel Poverty Coalition shows that shareholdings of top industry leaders have jumped by a combined £66 million since late February. For instance, Linda Z Cook, CEO of Harbour Energy, has seen her stake increase by £4.3 million to £26.2 million, while Shell's chief executive Wael Sawan's holding rose by £1.7 million to nearly £13.2 million. Other beneficiaries include Chris O’Shea of Centrica and Carol Howle of BP, whose shares grew by hundreds of thousands of pounds.
This wealth increase contrasts sharply with the financial strain on ordinary Britons, who are facing record-high fuel prices and rising energy bills, exacerbated by global tensions and market disruptions.
