The UK has eclipsed into a state of chaos over the weekend, as nearly 90% of fuel pumps run dry across major cities after consumers delved into a panic-buying frenzy.
According to the Petrol Retailers Association (PRA), which represents independent petrol retailers across Britain, numerous fuel stations have run out of supplies after consumers began stockpiling reserves over the weekend even as the government assured that there was nothing to be concerned about. “We need some calm… if people drain the network then it becomes a self-fulfilling prophecy,” explained PRA executive director Gordon Balmer to Reuters.
The PRA’s members— which account for nearly 65% of all forecourts across the country— reported that 50% to 90% of pumps are empty in some regions, as shortages become even more widespread. The PRA’s comments come shortly after the UK government assured that there would not be any fuel shortages, and that consumers should carry on making their usual fuel purchases. However, it appeared that the government’s advice was thrown in the trash bin, because lineups formed at petrol stations across the country over the weekend, forcing some retailers to even close early due to unprecedented demand.
The UK is facing a major fuel shortage as of late, as a lack of qualified truck drivers threatens to slash petrol deliveries even more. The British government announced a series of emergency measures over the weekend to help tackle the crisis, including issuing temporary work visas for nearly 5,500 truck drivers, as well as discontinuing competition laws to authorize operators to receive fuel from rival suppliers.
Information for this briefing was found via Reuters and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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