Key facts
- Fuel theft in the UK has surged by 48% in value since the war in the Middle East began.
- Drivers are stealing approximately $270,000 worth of fuel daily.
- Gasoline prices are averaging $2.15 per liter, and diesel prices are nearing $2.41 per liter.
- The increase in theft is linked to supply crunches caused by the Middle East conflict and Ukrainian strikes on Russian refineries.
- A new service using facial recognition will be offered to fuel retailers to combat theft.
Drivers in the United Kingdom are increasingly resorting to fuel theft as prices surge due to supply disruptions stemming from the war in the Middle East and Ukrainian drone attacks on Russian refineries. Data from Forecourt Eye indicates that fuel theft has escalated to nearly $270,000 per day since late February.
This trend represents a 24% rise in the frequency of fuel theft incidents and a substantial 48% increase in the monetary value of stolen fuel compared to the five months preceding the conflict. Current gasoline prices stand at approximately 1.5997 pounds per liter ($2.15), while diesel prices are approaching their 2022 peaks at 1.7897 pounds per liter ($2.41).
To combat this rise in crime, Forecourt Eye plans to partner with a facial recognition company to provide fuel retailers with access to information on fuel thieves, with the service expected to launch this autumn. Analysts warn that the global fuel crunch, particularly for diesel, is more severe than previous disruptions, impacting critical sectors like agriculture, construction, and mining.
Despite high utilization rates at US refineries, including 95% for Exxon, 97% for Chevron, and 102% for Shell in the second quarter, crack spreads remain at record highs. This suggests that fuel prices are likely to stay elevated. Experts emphasize that product markets, such as diesel, are currently tighter than crude oil markets, making fuel prices a more immediate concern for consumers and industries.