Fears were mounting last night that workers at the Grangemouth oil refinery could go back on strike within days, raising the prospect of further disruption to motorists and a prolonged period of uncertainty for the economy.

As the 1,200 striking workers prepared to end their industrial action yesterday, oil prices surged to a record high on world markets of just under $120 (£60) a barrel, driven by growing anxieties over threats to supply, including the strike in Scotland and problems in Nigeria.

The workers at Grangemouth, Britain's third largest oil refinery, were expected to return to work this morning after their 48-hour walkout over a pensions row with Ineos, the site's owners, amid growing speculation that another strike may be staged next week after the seven-day legal notice period elapses.

Alex Salmond, the Scottish First Minister, and Gordon Brown were hoping to meet in London last night to discuss the dispute. Aides blamed “scheduling difficulties” for the uncertainty over whether the meeting would take place. Speaking at Westminster last night Mr Salmond said the issue was wider than normal party politics and every effort must be made to end the dispute. He said there was enough fuel for everyone who needed it in Scotland.

Mr Salmond is due to meet John Hutton, the Business and Enterprise Secretary, today as Edinburgh and Westminister step up the pressure on both sides to go to arbitration. “This is where this dispute must end,” Mr Hutton said. There was some good news yesterday as an extra 65,000 tonnes of fuel, shipped from European ports, began to arrive in Scotland to relieve pressure on forecourts.

The dispute has forced BP to shut down the neighbouring Forties pipeline, which supplies nearly 40 percent of the UK's oil and gas. The pipeline brings more than 700,000 barrels of crude oil ashore every day and supplies international markets as well as Britain. It cannot function without power and steam from Grangemouth.

Although Grangemouth will return to some kind of normality today, it will take at least a week to get back to full production.

The strike caused some fuel shortages at the weekend in Scotland, but not the widespread panic buying many had feared. According to figures released by the Scottish Executive, just 25 of the 956 petrol stations in Scotland had been forced to close by yesterday evening, with another 55 experiencing supply difficulties. Around 600 deliveries to forecourts are expected to be made today.

There was no sign last night that the two sides were any closer to reopening talks on the issue at the heart of the dispute - the closure of the company's pension scheme to new employees - and attention will now switch to whether the Unite trade union begins to draw up plans for further industrial action.

Phil McNulty, the union's national officer, said: “We are going back to work and we want a period of peaceful reflection. We want to negotiate, there is no doubt about that, but we won't give in on this.”

A spokesman for Ineos said that restarting the Forties pipeline would be the first priority when the workers reported for their shifts today.

Jim Ratcliffe, Ineos's billionaire chairman, made a surprise visit to Grangemouth yesterday, where he held discussions with local management. He was booed and heckled by pickets as he arrived at the refinery. A company spokesman would not be drawn on the outcome of the meeting.

Mr Brown repeated his call for the workers and management to return to arbitration to settle their dispute. The union, however, has made clear that for that to happen, the management would have to withdraw its August 1 deadline for the planned pension scheme changes.

Meanwhile, Mr Hutton will visit Scotland today to meet with fuel industry representatives and retailers to thank them for their work in keeping supplies moving.

John Swinney, the Finance Secretary at Holyrood will visit Grangemouth today and urge the two sides to work together. Yesterday he praised the public for their “overwhelmingly measured and responsible” attitude.

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