Executive director for markets at the CMA, Juliette Enser, previously said: “While price increases might be inevitable because of rising wholesale costs, it is important that those increases reflect genuine cost pressures… We will be closely scrutinising and reporting on what’s happening with fuel prices and call out any concerning behaviour.”
Evidence of panic buying
It’s estimated by the RAC that in the first few weeks of the conflict that drivers spent an additional £307 million on fuel than they otherwise would have done. Much of this is down to the rising prices but panic buying is also a factor, which is highlighted in new data analysis by New Automotive.
Despite the higher prices, New Automotive found that petrol sales were 30 per cent higher than they would have been otherwise. Diesel also saw a visible spike in sales at forecourts, despite the fuel’s waning popularity in the UK.
Chief executive at New Automotive, Ben Nelmes, explained that “March usually sees a rise in fuel sales because it is a big month for the delivery of newly registered cars, all of which need filling up.”
“This March was different,” Nelmes continued, “as everyone rushed out to beat a rise in the petrol and diesel price by filling up before prices skyrocketed. There were also rumours about shortages, though there’s little evidence that there was any risk of shortage.”
As of the time of writing on Friday 10 April, the average UK price of petrol and diesel currently sits at 158.16 and 191.31 pence respectively, while the wholesale price of a barrel of Brent crude oil is marked at around $95. Stay tuned to Auto Express for further updates.
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