Highlights
- Petrol rises above 150p per litre for first time since May 2024.
- Diesel reaches 177.68p, up from 142.38p before Iran war.
- Asda experiencing high demand outstripping available supply.
Allan Leighton, the executive chair of the supermarket chain, which is the UK's second largest fuel retailer, told The Guardian that it had been experiencing high demand from drivers as fuel prices have jumped over the past four weeks since the war started.
"Our fuel volumes are up quite significantly and clearly demand has been outstripping supply. Supply is tight and we are all trying hard on that," he said.
Leighton stressed that the temporary shortages had only affected "the odd pump" at a small number of Asda's petrol forecourts if customers arrived when the retailer was waiting for a fuel delivery.
"We can expect to see that continue," he said. "The spikiness at the moment makes this tricky for us, as spikes can lead to temporary shortages. These are temporary and are addressed very quickly."
Prices continue rising
Petrol and diesel prices have climbed significantly since the US and Israel began their campaign against Iran on 28th February.
Retaliatory Iranian strikes and Tehran's effective closure of the Strait of Hormuz, a key shipping channel, have prevented some production and transport of oil.
On Friday, the average price of petrol in the UK rose above 150p a litre for the first time since May 2024, reaching 150.11p, according to the RAC.
The increase in diesel prices outstripped that of petrol, the average reaching 177.68p a litre. Before the Iran war started, petrol cost 132.83p a litre on average, while diesel was 142.38p.
Leighton rejected claims that fuel retailers might be "profiteering" from the crisis by raising their prices, adding that Asda's profit margin was coming under pressure from higher fuel costs. "People ask where the money is going and the government are getting a lot of money off the back of this," he said.
The global price of oil moved higher again on Friday, climbing 2.5 per cent to almost $111 a barrel as Donald Trump's pledge to hold off from striking Iranian energy infrastructure for a further 10 days failed to calm the markets.
Simon Williams, the RAC's head of policy, told The Guardian that "With the long-awaited four-day Easter weekend almost within touching distance, the cost of getting away by car is going to be noticeably higher this year. Drivers on long journeys will need to plan very carefully where they refuel."
This month, Keir Starmer said the government would "step in" if fuel companies tried to take advantage of the situation and "rip off customers".
