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Drivers have been hit by the average cost of a litre of petrol reaching a record of nearly £1.60. Figures from data firm Experian Catalist show UK forecourts sold the fuel at an average price of ...
The last rise due to the escalator took place following the budget on 9 March 1999 at a time of rapidly increasing oil prices. [1] In 2000 at a time of rising protests at the cost of fuel Gordon Brown announced that the prices would only be increased by inflation due to the high price of oil. [1]
A diesel cycle engine can be as much as 40% to 50% efficient at converting fuel into work, [2] where a typical automotive gasoline engine's efficiency is about 25% to 30%. [3] [4] In general, an engine is designed to run on a single fuel source and substituting one fuel for another may affect the thermal efficiency.
Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Monday was 163.7p.
This includes the resources it takes for exploration, to remove it from the ground, and transport it. Between 2004 and 2008, there was an increase in fuel costs due in large part to a worldwide increase in demand for crude oil. Prices leapt from $35 to $140 per barrel ($220 to $880/m 3), causing a corresponding increase in gas prices. [15]
Government figures show the average price of a litre of petrol at UK forecourts was a record 170.4p on Monday.
Data firm Experian Catalist said a litre of petrol cost an average of 180.7p on Tuesday.
The UK average petrol price as of 11 January 2016 is £1.01 per litre. This is slightly above the European average but is 30p lower than the peak in 2014. With declining oil prices, it has been suggested petrol could fall to 86.9p per litre if oil prices fall to $10 a barrel. Average diesel prices are currently £1.03 per litre.