Almost £200,000 of fuel stolen from UK forecourts every day since Iran war began
UK drivers have stolen almost £200,000 of fuel from petrol stations on average every day since the Iran war broke out and sent prices soaring, according to industry analysis.
Intelligence analysis by Llama
Fuel thefts have risen by a fifth in the five months since the Iran war began, with the value of stolen fuel increasing by 48% compared with the five months before the war.
Imagine you're driving to school, and you see a big sign that says 'fill up with petrol'. But when you get to the pump, you realize you forgot your wallet. So, you try to drive away without paying. This is what's happening with some people in the UK, who are taking petrol without paying for it. It's not a good idea, and it's causing problems for the petrol stations.
Analysis
A Rise in Fuel Thefts Amidst the Iran War
The Iran war has led to a significant increase in fuel thefts from UK forecourts. According to Forecourt Eye, the number of incidents recorded at the forecourts in a representative sample of 550 forecourts has risen by a fifth in the five months since the war began. This translates to an estimated daily average of £194,000 worth of fuel being stolen.
The Impact on Petrol Stations
The rise in fuel thefts has put a significant strain on petrol stations, which are reporting an increase in 'abuse, intimidation and violence from frustrated customers'. This has led to a rise in thefts after the Russia-Ukraine war broke out in early 2022. In response, Forecourt Eye has partnered with facial recognition company Facewatch to offer more than 2,000 retailers free access to crime reporting technology from the autumn.
The Government's Response
The government has vowed to act on any price gouging due to the Iran war. The new chancellor, John Healey, has said that there is no significant evidence of this but he will be 'watching closely' for any suggestion that the public are being 'taken for a ride at the pump or the till'.
Key points
- Fuel thefts have risen by a fifth in the five months since the Iran war began.
- The value of stolen fuel has increased by 48% compared with the five months before the war.
- Petrol stations are reporting an increase in 'abuse, intimidation and violence from frustrated customers'.
- The government has vowed to act on any price gouging due to the Iran war.
If the Iran war ends soon, fuel prices might decrease, and the number of fuel thefts could also drop. This would be a positive outcome for both petrol stations and drivers.
If the Iran war continues, fuel prices might rise even further, and the number of fuel thefts could increase. This would be a negative outcome for both petrol stations and drivers.
Market signals
- OIL The conflict in the Middle East has severely disrupted oil supplies across the region, triggering a rise in wholesale prices and subsequent increase in costs at the pump in the UK.
AI-generated analysis of potential market relevance. Not financial advice.
