Oil Prices

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.

Oil Prices

Petrol and diesel prices

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

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