Home Business News Petrol prices increase due to panic buying whilst Brent Crude surges for fifth day

Petrol prices increase due to panic buying whilst Brent Crude surges for fifth day

by LLB staff reporter
27th Sep 21 11:38 am

The RAC has warned that due to the panic buying of fuel prices have increased and drivers have been warned daily to stop flocking to the forecourts.

Simon Williams of the RAC said stock piling fuel in containers is only making the situation worse.

Williams said, “We urge drivers to only take the fuel they really need. Stock piling in containers only makes the situation worse for those who desperately need fuel as well as potentially causing unnecessary fire risks if not stored correctly.

“It’s also vitally important the emergency services and businesses that help to keep the UK moving can get access to fuel.

“We have also seen an increase in our patrols attending drivers who have run out of fuel over the weekend.”

Williams added, “We’d remind drivers to always compare the price they’re being asked to pay with the current UK averages which are 136.69p for petrol and 138.58p for diesel.”

Meanwhile Brent Crude oil has risen for the fifth day in a row which will affect motorist’s pockets.

Brent Crude is trading at just under $80 a barrel this morning which is the highest level since October 2018, which will filter through to the motorist as fuel is going to get more expensive.

Elizabeth de Jong, policy director at trade association Logistics UK said that the fuel crisis must be resolved.

She told BBC Breakfast, “We are seeing the impact of panic buying, we have been assured through the Petrol Retailers Association and we have been assured by some of the larger petrol companies in the country that there is enough fuel for everyone, but yet we have become very concerned and are buying and buying and have caused a very big problem.

“I represent and have been dealing with the government over the general shortage of HGV drivers, we have got a number of announcements there about increased tests, funding of new visas, so there are issues in the industry and some of these will take a while to resolve, some of these can be resolved, so a lot is being done, but we really need to keep calm, just as we did through Covid with toilet rolls, for this not to continue.

“There’s the shorter-term panic-buying which if we go back to our normal amounts and almost relax our behaviour and bring it back to normal then that can calm down quite quickly.”

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