How will global oil prices impact Manx customers?

Petrol and diesel prices rose 5p in the final two weeks of August

With oil prices rising across the world to above $100 a barrel, there are fears that more increases will follow here on the Island. 

Across the waters in the UK, The RAC says the average cost of unleaded increased by 5p a litre in the last week, to just over 1-pound-67.

Here, the Isle of Man Government's latest petrol and diesel monitoring report shows average prices rose by 5p in the final two weeks of August up to 159.40 for petrol.

Forecourts on the Island have seen prices reach 163.9 for petrol and 181.9 for diesel so far this month, with Ellan Vannin Fuels saying in a Facebook post that it has 'still not passed on all the increase from last shipment, doing it in stages as the older cheaper stock sells though'.

Manx Radio has contacted EVF's sales team for the latest update on prices and what they anticipate them to be, but so far have not had a reply. 

Earlier this year we saw a rush to the pumps when we knew prices were going to rise sharply.

For now however, we have to wait and see what impact the conflict in the Middle East will have and what price we'll all be paying at the pumps. 

Peel Road in particular with its three stations saw those queues as drivers tried to fill up before petrol rose from 131.9 to 151.9 and diesel soared from 137 to 187.