Fuel Theft Surges in UK as Crude Oil Prices Reach New Heights

UK drivers are turning to fuel theft amid the war-driven price surge in crude oil prices. Data from Forecourt Eye shows that drivers have been stealing fuel worth almost $270,000 every day since the war between the US and Israel/Iran began at the end of February.

This represents a 24% increase in the frequency of fuel theft compared to pre-war times, with the value increasing by 48%. According to RAC data, gasoline prices have risen to 1.5997 pounds per liter ($2.15), while diesel prices are nearing their 2022 highs at 1.7897 pounds per liter ($2.41).

To counter fuel theft, Forecourt Eye will partner with a facial recognition company to provide fuel retailers with information about potential thieves.

The global fuel crunch caused by the war has led to analysts warning of severe disruptions in crude oil flows out of the Persian Gulf. The decline in refineries outside the region and temporary shortages have aggravated the supply situation, leading to record-high crack spreads and higher fuel prices for longer.