Is fuel the new "liquid gold"?

SCOTLAND, Scotland - March 28, 2023 - PRLog -- Fuel Theft and Its Far-Reaching Impact

Fuel theft is a significant global problem costing businesses millions of pounds annually.

It not only leads to monetary losses but can also lead to adverse environmental issues such as tank leakages, fuel spillages or infrastructure damage. The financial impact for local businesses includes lost profits, eventually leading to rising consumer prices.

According to several reports, the most impacted business sectors include the logistics, farming (https://www.fwi.co.uk/news/crime/farmers-warned-to-protect-fuel-tanks-as-diesel-thefts-soar) and construction industries.

However, communities are also impacted as businesses eventually increase costs to cover the loss.

Increase in UK fuel thefts

British Oil Security Syndicate (https://bossuk.org/about/?accept-cookies) (BOSS) estimates that each year the UK police spend more than 800,000 hours dealing with fuel theft incidents. They estimate that theft from fueling stations, called forecourt crime, costs UK fuel retailers more than £88 million annually.

Insurer NFU Mutual likened farmers' fuel tanks to liquid gold. (https://www.farmersguide.co.uk/diesel-thefts-more-than-do...) They also stated that fuel theft claims doubled in 2022.

In March 2022, police said (https://www.bbc.co.uk/news/uk-england-cumbria-60874504) there had been an 89% rise in fuel thefts since the beginning of the year.

Various HGV owners called fuel theft a "really big problem". (https://www.examinerlive.co.uk/news/police-helicopter-chases-fuel-thieves-26346317) Fuel theft is also linked to other crimes, such as vehicle theft, fraud, etc.

Indirect costs related to the crime include lost productivity due to disrupted operations, increased security measures to prevent future thefts, and the cost of investigating and prosecuting those responsible