London Mayor Calls for Calm Over Fuel Panic Buying as Middle East Crisis Escalates
In response to escalating tensions in the Middle East, London Mayor Sadiq Khan has issued a plea for calm, urging residents to avoid panic buying fuel. This call comes as long queues of cars have been reported at forecourts across the UK, with some drivers in Bushey, north London, waiting over an hour to refuel yesterday. The situation has been triggered by Iran's closure of the Strait of Hormuz, a critical passage in the Gulf region that handles approximately 20% of the world's oil supply, following retaliatory actions after the US and Israel launched 'Operation Epic Fury' on Saturday.
Fuel Price Increases and Market Volatility
Since the conflict began, petrol prices have surged by nearly 2.5p per litre, while diesel has seen an increase of more than 3p per litre. The average price of petrol has now reached 135.20p, with oil prices climbing above $81 a barrel—a level not observed since January of last year. Simon Williams, head of policy at the RAC, provided insight into the market, stating, 'Providing oil stays around this level, the average price of petrol shouldn't really rise to more than 136p. Diesel, however, is increasing at a faster rate.' Despite these hikes, there are no immediate signs of the UK's oil supply running out, and the government has assured that it is closely monitoring the situation.
Mayor Khan's Appeal to the Public
Mayor Khan emphasized the importance of community sensitivity and respect during this volatile period. He remarked, 'We know in the past, whether it's just before lockdown or during the fuel crisis, there have been people who try and stock up before an imminent potential crisis. We're keeping our fingers crossed that the conflict in that part of the world is short-term, not enduring. What we don't want is massive hoarding or queues being formed by people panic buying.' His message aims to prevent a repeat of previous crises where panic buying led to shortages and disruptions.
Government and Industry Responses
The Department for Energy Security and Net Zero has confirmed that there have been no reported impacts on UK fuel supply thus far. However, with the Strait of Hormuz closed and airstrikes continuing in the region, drivers remain anxious about potential further price increases. Reports indicate that some petrol stations are already running low on fuel, adding to the urgency of the situation. The government continues to assess the geopolitical developments and their implications for energy security.
Historical Context and Future Outlook
This incident echoes past fuel crises, such as those during lockdowns, where panic buying exacerbated supply issues. As the conflict shows no signs of abating, experts warn that sustained tensions could lead to prolonged market instability. Mayor Khan concluded his remarks with a hopeful note, urging patience and cooperation among Londoners. The public is encouraged to stay informed through official channels and avoid speculative actions that could worsen the situation.
