Experts have warned that fuel prices may be impacted as a refinery was targeted by Iranian drones.
Brits are being urged to ‘fill up now’ as expert warns of approaching ‘oil crisis’.(Image: Getty Images)
Drivers across the UK are being urged to “fill up now” as the conflict between Iran, the US and Israel continues. This comes as an expert has warned of an approaching “oil crisis” as the Middle East is being hit with drones and missiles from both sides.
At the current moment, UK motorists are paying on average 132.83p per litre for petrol, with diesel drivers paying around 10p more per litre. However, if the conflict continues then these prices could jump up as the UK loses access to oil.
It has been reported that the Saudi Aramco oil refinery in Ras Tanura, Saudi Arabia, has been shut down after being targeted in an Iranian attack. A spokesperson from the Saudi Ministry of Defence has confirmed that two drones were “intercepted and destroyed” during the attack.
While no one was injured or killed, falling shrapnel is reported to have caused a limited fire at the refinery, which was quickly extinguished. As the largest refinery in the country, founder of FairFuelUK Howard Fox has warned that the world could be approaching an “oil crisis”.
This has been backed up by other analysts who have warned that along with the current closure of Aracmo, serious pressure would be felt around the world if Iran were to close access to the Strait of Hormuz, which sees around a fifth of the world’s oil passing through.
Cox is currently urging Brits to fill up their vehicles as prices could skyrocket as a moment’s notice. Speaking to GB News, he said: “Drivers should indeed fill up as soon as possible. I’d recommend supermarkets, particularly Costco, for the best prices.”
He also warned Brits to act as quickly as they can, adding: “BP, Shell and Esso will hike pump prices first. It is inevitable that there will be queues at filling stations as a result.”
At the moment, RAC Fuel Watch is not currently predicting any changes in the fuel price forecast, however they have noted that prices have shot up in the last 12 hours to as much as $82 (£61.23) per barrel.
If the price per barrel were to rise and stay at $80 (£59.71), the UK motorists on average would pay 136p per litre for petrol, which is just above the current pricing.
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However, if a crisis does hit and prices rise to $90 (£67.16) a barrel, this would equate to 140p per litre. While experts say it is currently still too soon to know the impact the Middle East conflict will have in the UK, prices could go up to 150p per litre if barrels rise to $100 (£74.62).
Cox, along with other experts, are currently calling on the UK Government to freeze the rate of fuel duty further. The Labour Government has confirmed that the current 5p per litre reduction will extend over into the summer months.
A spokesperson from HM Treasury said: “We have extended the 5p fuel duty cut from this month to the end of August to support drivers across the country.”
This reduction was first introduced by the Conservatives in March 2022 but it is now set to come to an end through a staggered increase which will result in price hikes around the country.
The first increase of 1p per litre will take place on September 1, which will then be followed by further increases of 2p in December 2026 and 2p in March 2027.
Therefore, experts are warning that if an oil crisis does occur due to the ongoing Middle East conflict, Brits will be hit with double the price hikes when they need to fill up their cars with either petrol or diesel.