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Petrol and diesel prices

Published Wednesday, October 24, 2018

Average mid-August prices for petrol and diesel were 128.6 and 132.5 pence per litre respectively. Both have increased by more than 10% over the previous 12 months. The UK has the 12th highest petrol and 3rd highest diesel prices in the EU

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This note looks at trends in the price of petrol and diesel at the pump and before tax, possible reasons for the gap in prices between the two fuels and compares prices and taxes in different countries.

Trends in the pump and pre-tax price of road fuel and other petroleum products are given in DBEIS’s Collection of road fuel and other petroleum product price statistics publication. The AA’s Fuel Price Reports have daily national average prices. www.petrolprices.com gives daily average prices and local figures. The Hydrocarbon Oils Bulletin from HMRC includes details of changes in duty rates and revenues. The European Commission’s Oil Bulletin gives a weekly comparison of pump and pre-tax prices of fuels across the EU. The International Energy Agency’s Monthly Oil Prices shows trends in fuel prices for the largest OECD economies. Their Oil Market Report gives background to changes in oil and product prices.

An appendix to this note looks at the real cost of petrol since 1920 and the real value of duty and VAT per litre. Prices in January 2012 were just above their earlier post second world war high in real terms -set during the Suez crisis- but still below the real prices charged in 1920 when petrol pumps were first introduced. The total tax on a litre of petrol peaked in early 2010; the latest figure is around 27% below this peak.

 

 

Commons Briefing papers SN04712

Author: Paul Bolton

Topics: Energy, Oil, petrol and natural gas, Roads

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