The RAC has issued a warning for diesel drivers at UK forecourts as long queues of up to 90 vehicles have formed, driven by concerns over rising fuel prices amid ongoing conflict in the Middle East. Simon Williams, head of policy at the RAC, highlighted a recent surge in fuel costs, noting that since Saturday, petrol prices have risen by nearly 2.5p per litre, while diesel prices have jumped by more than 3p per litre. This increase coincides with oil prices climbing above $81 a barrel, a level not seen since January of the previous year.
Williams explained that if oil prices reach $90 per barrel, fuel could cost over 140p per litre, and at $100 per barrel, prices may approach 150p per litre. He emphasized that fuel prices are rising faster for diesel compared to petrol, reflecting growing market pressures.
Luke Bosdet, a spokesman for the AA, urged drivers to avoid altering their usual refuelling habits. He explained that it takes time for rising wholesale costs to appear at the pump and cautioned against unnecessary queuing, which wastes fuel, time, and money. “Pump prices are heading up, as wholesale costs have been climbing even before recent geopolitical events,” Bosdet added.
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Investment specialist Susannah Streeter from Wealth Club commented on the broader economic implications, noting that investors are preparing for increased volatility due to geopolitical tensions. She advised that long-term investors should expect fluctuations and consider assets known for stability during uncertain times, such as gold, utilities, healthcare, and companies offering consistent, high-yield dividends.