Monthly Fuel Price Tracker

Published 31 October 14

  • Latest figures from OPEC show that the price of oil fell by $10.78 (11.2%) from September to $85.20/barrel in October 2014.
  • Annual comparisons show that the price of oil is down $21.49/barrel from October of last year when it was $106.69.
  • In sterling terms, the October price of £53.01/barrel was down £5.85/barrel (9.9%) from the previous month and down £13.29/barrel (20.0%) year-on-year. 
  • In October 2014, the average price for red diesel was down 1.66ppl to 62.42ppl and the retail pump price of diesel also fell 1.99ppl to 131.08ppl compared with September 2014.
  • Compared with October 2013, red diesel prices are down 6.40ppl (9.3%) and the diesel pump  prices are also down 7.68ppl.

For more 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.       

 

Oct-14

Sep-14

Oct-13

OPEC Price (US$ / Barrel)

85.20

95.98

106.69

OPEC Price (£ / Barrel)†

53.01

58.86

66.31

UK Red Diesel (ppl)*

62.42

64.08

68.83

UK Diesel Pump Price (ppl)

131.08

133.07

138.76

 *Red diesel duty September and October 2014 and October 2013 = 11.14ppl

† Exchange rate for October 2014 used 31/10/2014.

 

Fuel Prices- Monthly

Annual Price

Figures show that the average price of oil stood at $105.87/barrel for 2013 which was a fall of 3.3% compared with 2012.

In the last ten years crude oil prices have nearly quadrupled, increasing from $28.10/barrel in 2003 to $105.87/barrel in 2013. Dairy farmers are now paying an annual average of 70.19ppl for red diesel - a rise of 46.07ppl (191.0%) over the last decade. Pump prices for diesel have increased by 62.49ppl (80.2%)

 

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

81.34

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

2011

107.46

66.99

68.57

138.72

2012

109.45

69.07

71.38

141.83

2013

105.87

67.74

70.19

140.41

*provisional

Fuel Prices - Annual

Source: OPEC/DECC/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.