Rising petrol and diesel prices are being driven by an increase in Brent crude oil prices, up 8% following strikes on Iran. Energy experts predict further hikes, especially in home-heating oil, which has already increased by €25 per 1,000 litres. The unrest, including fires in Iranian oil facilities, and potential closure of the Strait of Hormuz, raises fears of soaring prices. Industry representatives emphasize that the dynamics of wholesale and retail pricing make these changes necessary, denying any exploitation of the public by retailers amidst fluctuating prices.
The current conflict and the implications of strikes against Iran have led to a sharp increase in crude oil prices, causing a ripple effect on domestic fuel costs.
As tensions rise, experts warn that the prices of petrol, diesel, and heating oil are set to increase further, reflecting the volatile situation in the Middle East.
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