Monthly Fuel Price Tracker

Published 1 December 14

  • Fuel prices continued to fall in November 2014.
  • Latest figures from OPEC show that the price of oil fell by $9.49 (11.2%) from October to $75.57/barrel in November 2014.
  • Annual comparisons show that the price of oil is down $29.40/barrel from November of last year when it was $104.97.
  • In sterling terms, the November price of £47.88/barrel was down £5.05/barrel (9.5%) from the previous month and down £17.34/barrel (26.6%) year-on-year.
  • In November 2014, the average price for red diesel was down 3.14ppl to 59.28ppl and the retail pump price of diesel fell 3.77ppl to 127.31ppl compared with October 2014.
  • Compared with November 2013, red diesel prices are down 8.32ppl (12.3%) and the diesel pump prices are also down 9.99ppl (7.3%).

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

 

Nov-14

Oct-14

Nov-13

OPEC Price (US$ / Barrel)

75.57

85.06

104.97

OPEC Price (£ / Barrel)

47.88

52.92

65.22

UK Red Diesel (ppl)*

59.28

62.42

67.60

UK Diesel Pump Price (ppl)

127.31

131.08

137.30

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

Source: HMRC/Defra, DECC, OPEC.

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.