Channel Islands Brace for Higher Fuel Prices

0:00On March 10, businesses in the Channel Islands are bracing for higher fuel prices after crude oil hit its highest level in more than two years last week. The surge stems from the recent escalation in the U.S.-Israel conflict with Iran and local garages expect costs to climb gradually for drivers and companies alike. Fuel duties add to the pressure, with Jersey as 64 pence per liter and Guernsey at 90.5 pence per liter. Gras leaders say they have little choice, but to pass on increases from suppliers, even as state grants help a bit. Owners like those in Jersey and Guernsey are telling customers not to rush out and stockpile fuel. They predict a slow rise over the next couple of months, rather than sudden jumps at the pump that could add 10 pounds to a fill-up right away. Business advocates in Guernsey are pushing for a short-term cut in fuel duties to ease the hit on taxis and other services, where fairs are said by the government. In Jersey, consumer groups want firms to commit to dropping prices once oil stabilizes. Officials in Guernsey have yet to respond, but islanders are watching closely as these changes unfold in the coming weeks.