Fuel Prices Soar, Independent Stations Struggle

0:00On March 13th, petrol prices have hit an 18-month high for drivers, with diesel seeing its biggest jump in over two years, all thanks to surging. Oil costs from the Middle East conflict that started two weeks ago. Small independent stations, like the Family Run One and Romford, are taking the hardest hit, paying daily spot prices for fuel deliveries with little, storage, or bargaining power, unlike big supermarkets that lock in cheaper rates ahead of time. Owners and staff are dealing with furious customers, upset over the rapid hikes, plus rising fuel theft, while the petrol retailers' association blasts. The government for using words that stir up hostility. Energy Secretary Ed Miliband has warned against price gouging, but the industry insists they're barely breaking even on slim 4% margins. Especially with diesel losses, and the competition and market's authority is watching closely with a report due in April. A new fuel finder ab now covers over 90% of stations to boost competition, and owners promise to drop pump prices the moment wholesale.

1:02Costs ease up.