UK Warns Against Panic Buying as Fuel Prices Soar

0:00On March 24, UK government advisers are telling ministers to avoid urging the public not to panic over rising fuel prices linked to the Iran conflict. The worry is that such messages could actually spark more anxiety and stockpiling, and this comes from a behavioral science team document that guides official language during crises. Drawing from past events like the pandemic toilet paper rush and the 2021 fuel shortages, officials say people stockpile rationally when supplies seem at risk. Telling folks to calm down or stop panicking might just heightened competition for goods at pumps and stores. Fuel costs have jumped sharply since U.S. and Israeli strikes on Iran last month, prompted a blockade of the Strait of Hormuz, a vital oil route. Unleaded now averages 147 pence per liter, up 14 pence and adding 8 pounds to fill a family car at 81 pounds. Total diesel drivers face even steeper hikes, with prices at 171 pence per liter for a 94 pound tank.

1:02The advice also warns against blaming a selfish minority for shortages, as that could breathe tension and defiance. Instead, Whitehall is consulting behavioral experts to craft better messages if oil stocks dwindle further. Farmers warn of coming food price rises too, like cucumbers and tomatoes in six weeks due to priceier fertilizer. For now, a cabinet minister insists there's no need for fuel rationing, just buy as usual unless things change. Officials keep monitoring the situation closely.