UK’s Eustice: There isn't a shortage of petrol

Dhwani Mehta FXStreet

The UK Environment Minister George Eustice said in a statement on Monday that there is no shortage of petrol.

He added that the “most important thing is for people to buy petrol as usual.”

Eustice said that they “have no plans yet to bring in army to do driving of trucks.”

His comments come as the fuel crisis in the UK aggravates, with the Petrol Retailers Association (PRA) having warned that as many as two-thirds of its membership of nearly 5,500 independent outlets are out of fuel, with the rest of them "partly dry and running out soon".

Earlier, it was reported that the government is considering suspending competition law to allow oil firms to target fuel deliveries at petrol stations following recent panic buying, per BBC News.

Market reaction

The pound seems to have shrugged off the petrol problem, as GBP/USD advances towards 1.3700 amid the upbeat market mood. The spot is trading at 1.3692, up 0.09% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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