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       Fuel prices on display at Dublin service station as fuel excise duty cut in Ireland

       Petrol prices soared to record highs of more than ￡2 a litre at some London forecourts, as Russia’s war in Ukraine drives up oil prices globally.

       As the average price of fuel in the UK reached ￡1.65 per litre for the first time this week since records began, analysts said, the Federation of Wholesale Distributors warned that food bills will rise as a result, as hauliers pass costs on to customers.

       Stressing that “there is no shortage of fuel in the forecourts” in Northern Ireland, Seamus Leheny of the hauliers representative Logistics UK told a Stormont committee that some customers are finding a lack of diesel at garages “simply because people are starting a little bit of panic-buying” – putting more into the tank because of near-daily prices hikes.

       “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,” he said.

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       Key Points Spike in oil prices to hit food bills, trade body warns Fuel costs hit ￡2 a litre at some UK forecourts

       Show latest update 1646902095 UAE will not act unilaterally to increase oil production, source says

       A United Arab Emirates official has poured cold water on speculation driven by earlier comments that Abu Dhabi favours an increase in oil production.

       The UAE’s ambassador to Washington, Yousuf Al Otaiba, had said in a statement the embassy posted on Twitter that Abu Dhabi favoured an increase in oil production and would encourage OPEC to consider higher output.

       But in a later statement, Energy Minister Suhail al-Mazrouei said the country believed in the value OPEC+ brought to the market.

       On Thursday, a UAE source familiar with the matter told Reuters that the country remains committed to the OPEC+ alliance and will not act on its own to raise oil output, with only its energy ministry is responsible for oil policy.

       Until now, OPEC+ has resisted calls from the US and allies to ramp up output, even as oil prices surge.

       After Mr Otaiba's comments, global oil prices on Wednesday plunged the most since the early days of the pandemic nearly two years ago.

       Andy Gregory 10 March 2022 08:48

       1646900301 ‘People are starting a little bit of panic-buying,’ haulage expert warns

       A Stormont committee has been told that the rise in fuel prices is putting a real strain on the freight and haulage industries, Jonathan McCambridge reports.

       Seamus Leheny, from Logistics UK, told the Infrastructure Committee there is no shortage of fuel on forecourts, but added that there is some evidence of panic-buying following Russia’s invasion of Ukraine.

       “Fuel prices is a real strain on the haulage sector,” he said. “A barrel of crude oil has risen 34% since the Ukraine/Russia conflict. Since the start of the year the rate increase in a barrel of oil has been 56%.

       “I would stress there is no shortage of fuel in the forecourts here.

       “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.”

       You can read the full article here:

       Rising cost of fuel ‘putting strain’ on haulage industry Seamus Leheny, from Logistics UK, told Stormont’s Infrastructure Committee there is no shortage of fuel on forecourts.

       Andy Gregory 10 March 2022 08:18

       1646899564 Spike in oil prices to hit food bills, trade body warns

       The Federation of Wholesale Distributors has warned spiking fuel costs will cause the price of groceries and food in restaurants to rise, after drivers and businesses were hit by a record daily increase in diesel prices on Tuesday.

       The trade body told the BBC its members would pass on transportation costs to food industry customers.

       “Food price inflation is already happening, but this is going to make it worse, because there'll be charges passed on to customers and then obviously to end users as well,” chief executive James Bielby told the broadcaster.

       Figures from data firm Experian Catalist show the average cost of a litre of fuel at UK forecourts reached 165.2p, up nearly 3p on Monday's 162.3p.

       The RAC said the jump was the largest on records dating back to the year 2000.

       Andy Gregory 10 March 2022 08:06

       1646899478

       Good morning, and thanks for joining us as we provide live updates on the cost of fuel in the UK, with Vladimir Putin continuing to wage war on Ukraine.

       Andy Gregory 10 March 2022 08:04