Middle East Crisis: Petrol Prices Likely to Increase If West Bank Crisis Continues

The Birmingham Post (England), October 14, 2000 | Go to article overview

Middle East Crisis: Petrol Prices Likely to Increase If West Bank Crisis Continues


Petrol prices will rise within days if the Middle East crisis continues, the industry warned yesterday.

But fears of a global economic downturn were muted as world share prices recovered following Thursday's violence.

Oil companies refused to speculate on possible increases at the pumps, but conceded that if the price of crude continued to spiral upwards, then petrol prices would follow.

Petrol Retailers' Association spokesman Ray Holloway said: 'If the situation were to be maintained through next week at $35 a barrel, then price increases of petrol and diesel would follow quite quickly.

'It does very much depend on what the next few days bring in the Middle East.

'But if there were two to three days' stability in the market then prices could fall back quite quickly.'

The world oil market was 'jumpy' as stockpiles were low because of the high price of crude, he said.

The price per barrel of Brent reached $35 yesterday, but later fell to $34.

'Any escalation of violence in the Middle East always impacts very quickly on the availability and the price of oil products,' Mr Holloway added.

A BP spokesman said: 'Prices probably will go up because the raw material has gone up, but how much and when is something nobody knows. …

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