The US-Israel strikes on Iran in late February caused an immediate spike in oil prices, and volatility has only increased since then. It quickly led to fears among motorists of “price-gouging” – petrol retailers raising their prices to take advantage of consumer panic.
In the UK, Chancellor Rachel Reeves asked the Competition and Markets Authority (CMA) to remain on “high alert” for profiteering by petrol retailers. Trade body the Petrol Retailers Association quickly hit back, saying her language was “incorrect and inflammatory”.
