Petrol panic-buy fears as business leader issues warning over fuel cost rises linked to Ukraine war

09.03.2022 - 18:47 / manchestereveningnews.co.uk

Almost six months on from widespread panic buying at petrol stations, a business leader is warning that similar scenes could be on the horizon.

Fuel prices were already climbing before Russia invaded Ukraine two weeks ago.

But the conflict and the sanctions imposed on Russia by the West have led to petrol and diesel prices hitting record levels this week.

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Now, the head of a UK trade association has told politicians that panic buying is making a comeback as motorists fear further surges in fuel prices.

Seamus Leheny, from Logistics UK, told the Infrastructure Committee at Stormont - Northern Ireland's Assembly in Belfast - that while there is no shortage of fuel on forecourts, there is now some evidence of panic buying.

“I would stress there is no shortage of fuel in the forecourts here," he said.

“What we are seeing is there are some people who are going to garages and there is a lack of diesel.

"That is simply because people are starting a little bit of panic buying, they are putting more into the tank because they are seeing the prices increasing almost on a daily level.

“That is simply a supply chain issue, it is about getting enough oil from the terminals, but I would stress that there is enough fuel in the supply chain to keep everyone and all operators there and we would just ask that people remain calm and sensible.”

Earlier today (March 9), new record high figures for fuel prices were reported.

Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Tuesday was 158.2p, up from 156.4p on Monday.

The average cost of a litre of diesel