The Petrol Retailers Association (PRA) has warned of imminent increases in fuel prices on forecourts because of the Middle East crisis.
It said ongoing global fuel supply pressures, with the Iran War disrupting oil exports through the Strait of Hormuz and attacks by Yemen-based Houthi rebels affecting Saudi Arabia’s alternative export route via the Red Sea.
It added as the Iran War re-escalated with renewed attacks a week ago, Brent Crude futures broke $100 per barrel for the first time since May. Less than a week later, the price had already risen to $106.92.
The PRA said while it was aware of the cost-of-living crisis, it was impossible for forecourt operators to absorb these levels of wholesale price increases without putting their businesses at risk.
It said it was “inevitable” that these increases will be reflected in prices paid at the pump.
Gordon Balmer, Executive Director of the PRA, said: “Retailers understand the pressures motorists are facing, but they cannot absorb sustained increases in wholesale fuel costs.
“With prices continuing to rise, we are urging the Chancellor to abandon the planned fuel duty increase and avoid adding further pressure at the pump.’
The PRA once again called on the Chancellor of the Exchequer John Healey to abandon the fuel duty increase due at the start of 2027.
