Average mid-June prices for petrol and diesel were 129.5 and 133.2 pence per litre respectively. They fell rapidly after the coronavirus outbreak largely due to sharp drops in oil prices. Since the first lockdown prices have increased again and are now above their immediate pre-pandemic levels. The UK had the 10th highest petrol and 2nd highest diesel prices in the EU+UK.
Petrol and diesel prices (876 KB , PDF)
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 30% below this peak.
Petrol and diesel prices (876 KB , PDF)
Spot oil prices were around $75 per barrel in early July 2021. They crashed after the coronavirus pandemic and subsequent lockdown led to a dramatic cut in demand. Prices fell from almost $70 a barrel in early January to below $20 per barrel in late April 2020. Oil prices peaked in July 2008 at almost $150 per barrel and were in the $100-125 range for much of 2011 to early 2014.
Covers the arrangements made for mineworkers' pensions following privatisation of British Coal in 1994.
There will be a Westminster Hall debate on the Oxford Cambridge Arc on Tuesday 13 July 2021 at 2:30pm. The debate will be led by Steve Baker MP.
