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Monthly Fuel Price Tracker
Published 10 February 12
Monthly Fuel Price Tracker
Monthly Fuel Price Tracker
- Latest figures from OPEC show that the price of oil increased to $111.76/barrel in January, $4.42/barrel (4.1%) higher than the December average price of $107.34.
- Annual comparisons show that the price of oil has increased by $18.93/barrel (20.4%) from $92.83/barrel in January 2011.
- In sterling terms, the January price of £72.09/barrel was up £3.26/barrel (4.7%) on the previous month and £13.22/barrel (22.5%) year-on-year.
- In January, the average price for red diesel was up 0.88ppl (1.3%) to 71.26ppl and the retail pump price of diesel rose by 0.74ppl (0.5%) to 141.69ppl compared with December.
Red diesel prices are now 14.1% higher than 12 months previously, with the average price in January 2012 8.82ppl higher than a year earlier at 71.26ppl.
For more up-to-date information click here to access the OPEC website for crude oil prices and click here to access the DECC website for pre-tax diesel prices and diesel pump prices.
|
|
January 2012 |
December 2011 |
12 Months Previously |
|
OPEC Price (US$ / Barrel) |
111.76 |
107.34 |
92.83 |
|
OPEC Price (£ / Barrel) |
72.09 |
68.83 |
58.87 |
|
UK Red Diesel (ppl)* |
71.26 |
70.38 |
62.44 |
|
UK Diesel Pump Price (ppl) |
141.69 |
140.95 |
132.08 |
*Red diesel duty rate for November and December 2011 = 11.14ppl and Red diesel rate December 2010 = 11.18ppl.
Annual Price
Figures show that the average price of oil stood at $77.45/barrel for 2010 which was a rise of 26.8% compared with 2009.
In the last ten years crude oil prices have trebled increasing from $27.60/barrel in 2000 to $77.45/barrel in 2010. Dairy farmers are now paying an annual average of 55.30ppl for red diesel - a rise of 31.38ppl (131%) over the last decade. Pump prices for diesel have increased by 37.91ppl (46.6%)
|
|
Average Price (US$/Barrel) |
Average Price (£/Barrel) |
Average Red Diesel Price (ppl) | Average Diesel Pump Price (ppl) |
|
1998 |
12.28 |
7.41 |
14.70 | 65.50 |
|
1999 |
17.48 |
10.81 |
16.85 | 72.49 |
|
2000 |
27.60 |
18.22 |
23.92 | 81.35 |
|
2001 |
23.12 |
16.05 |
23.05 | 77.84 |
|
2002 |
24.36 |
16.24 |
21.53 | 75.46 |
|
2003 |
28.10 |
17.17 |
24.12 | 77.92 |
|
2004 |
36.05 |
19.67 |
26.92 | 81.91 |
|
2005 |
50.64 |
27.80 |
35.55 | 90.86 |
|
2006 |
61.08 |
33.12 |
40.37 | 95.21 |
|
2007 |
69.08 |
34.57 |
41.76 | 96.85 |
|
2008 |
94.45 |
50.89 |
59.37 | 117.52 |
|
2009 |
61.06 |
38.71 |
46.44 | 103.93 |
| 2010 | 77.45 | 50.09 | 55.30 | 119.26 |
*provisional
Source: OPEC/BECC/Defra
The new OPEC Reference Basket (ORB), implemented from 16 June 2005, is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Mercy (Venezuela).
Up to December 2005: Monthly & Yearly averages were based on weekly quotations.
As of January 2006: Monthly & Yearly averages are based on daily quotations.
As of January 2006: The Basket Price is subject to revision.