Fuel stations and heating oil suppliers across Belgium are reporting a surge in demand as motorists and households rush to fill up amid fears of price hikes linked to the conflict in Iran.
"The phones haven't stopped ringing," said Johan Mattart of Brafco, the federation representing fuel and heating oil traders.
Consumers are attempting to shield themselves from anticipated rises at the pump or to refill their heating oil tanks before prices climb further.
However, the surge in demand is creating difficulties for distributors. According to Mattart, suppliers are currently forced to purchase fuel at prices above Belgium's regulated maximum retail prices.
"Distributors must buy at prices higher than the maximum allowed at the pump or for heating oil delivery. There is only one solution: either refuse deliveries or sell above the maximum price," he said.
Selling above the official price cap is, in principle, prohibited, but selling at a loss is also illegal. "We are caught between a rock and a hard place," Mattart added.
The sector is also concerned about the so-called 'K value', a mechanism that prevents sharp international price spikes from being fully reflected in Belgium’s maximum fuel prices. Traders warn that this could soon force them to sell below their purchase price.
The last time this happened was shortly after the coronavirus crisis, when some petrol stations temporarily closed.
Brafco has long called on the government to scrap maximum price controls for petroleum products and replace them with indicative pricing.
Belgium, along with Luxembourg, is the only EU country still operating such a system, according to the federation.
The sector is urging consumers not to stockpile fuel unnecessarily and to postpone purchases where possible.
"It is almost spring. For most people, topping up heating oil is no longer urgent. Wait until the situation stabilises before placing an order," Mattart said.
