Amid escalating tensions and conflict in the Middle East, drivers are being urged to visit petrol stations during the cooler parts of the day, particularly on Tuesday night, to get the best value for their fuel. William Fletcher, MBE, CEO of Car.co.uk, highlights that filling up early in the morning or late at night can be more cost-effective.
“Fuel is denser in cooler temperatures, which means you technically get more petrol or diesel for your money when you fill up in the early morning or late evening,” Fletcher explained. This simple tip could help drivers stretch every drop amid skyrocketing petrol prices driven by geopolitical instability.
The ongoing US-Israel war with Iran has sent fuel prices soaring, with analysts warning that oil prices could rise to $100 per barrel or even higher. Consultancy firm Wood Mackenzie has indicated that disruptions to tanker traffic through the critical Strait of Hormuz have contributed significantly to the price surge. Iran’s warnings to shipping vessels and the withdrawal of insurance coverage have effectively halted tanker flows in the region.
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Alan Gelder, Senior Vice President of Refining, Chemicals, and Oil Markets at Wood Mackenzie, emphasized the uncertainty surrounding when export flows might normalize. “Tanker rates and insurance costs will increase substantially, but these are only a part of the overall price impact if oil flows remain disrupted for days,” he said. Gelder added that the market is highly sensitive to supply risks, referencing the early stages of the Russia-Ukraine conflict when oil prices spiked above $125 per barrel due to fears of supply loss.
In 2022, Brent crude reached $100 per barrel during the onset of the Russia-Ukraine war, underscoring how geopolitical crises can drastically affect fuel costs worldwide. With the current conflict in the Middle East, drivers are advised to be mindful of fueling times and plan accordingly to maximize their fuel purchase.