Monthly Fuel Price Tracker

Published 6 January 15

  • Latest figures from OPEC show that the price of oil fell by $16.11 (21.3%) from November to $59.46/barrel in December 2014.
  • Annual comparisons show that the price of oil is down $48.21/barrel from December of last year when it was $107.67.
  • In sterling terms, the December price of £38.03/barrel was down £9.85/barrel (20.6%) from the previous month and down £27.73/barrel (42.2%) year-on-year. 
  • In December 2014, the average price for red diesel was down 1.99ppl to 57.18ppl the lowest price since October 2010 and the retail pump price of diesel was down 2.39ppl to 124.79ppl compared with November 2014.
  • Compared with December 2013, red diesel prices are down 11.65ppl (16.9%) and the diesel pump  prices are also down 13.98ppl.

 

Dec-14

Nov-14

Dec-13

OPEC Price (US$ / Barrel)

59.46

75.57

107.67

OPEC Price (£ / Barrel)†

38.03

47.88

65.77

UK Red Diesel (ppl)*

57.18

59.17

68.83

UK Diesel Pump Price (ppl)

124.79

127.18

138.77

For more information click here to access the OPEC website for crude oil prices.

 *Red diesel duty November and December 2014 and December 2013 = 11.14ppl

† Exchange rate for December 2014 used 05/01/2015.

Source: HMRC/Defra, DECC, OPEC.

Fuel Prices- Monthly

Annual Price

Figures show that the average price of oil stood at $96.29/barrel for 2014 which was a fall of 9.0% compared with 2013.

In the last ten years crude oil prices increased 167%, going from $36.05/barrel in 2004 to $96.29/barrel in 2014. Dairy farmers are now paying an annual average of 64.57ppl for red diesel - a rise of 37.65ppl (139.9%) over the last decade. Pump prices for diesel have increased by 51.75ppl (63.2%)

 

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

2014

96.29

58.44

64.57

133.66

*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.