THE crisis in the Gulf could hit UK motorists in the pocket with rising petrol prices, experts have warned.
Gordon Balmer, commercial manager of the Petrol Retailers’ Association, said volatility in international markets nearly always resulted in rising prices - although it was too early to predict what the outcome could be.
Oil prices surged upwards by more than four per cent after the suspected attack on two oil tankers in the Sea of Oman, although the situation stabilised later in the day.
Some 30 per cent of the world’s seaborne crude oil passes through the Straits where the attack happened.
And although roughly 80 per cent of the crude it handles is destined for markets in Asia, volatility in oil supply in one part of the world generally has an impact on overall prices.
Mr Balmer said: “The main issue is the volatility of the market, not only with oil prices, but also the dollar to sterling exchange rate.
“We have already seen an increase in Brent crude oil prices since the attack, but we have yet to see how that translates into the cost of product.
“It takes time for the cost of product to reflect changes in crude values because we have crude at the refinery right now that was sourced earlier.
“It’s a case of wait and see at the moment, but if there is a big problem in the Gulf of Hormuz then obviously it will significantly impact on the cost of crude oil.
“Anything like this creates tension in the market and that makes prices more expensive.”
The latest crisis comes against a backdrop of fluctuating prices - although the price of petrol has risen steadily in recent months.
Figures published just days ago showed drivers had suffered a fourth month in a row of fuel price increases.
Petrol became 11p a litre more expensive between the beginning of February and the end of May, while diesel was up 7p a litre over the same period, RAC data showed.
That took the average price of a litre of petrol to £1.31 a litre and diesel to £1.36. The increase in May was driven by rising wholesale prices and a weakening pound.
May was another difficult month for drivers, although the price of oil fell towards the end of the month.
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