Monthly Fuel Price Tracker

Published 4 February 16

  • Latest figures from OPEC show that the price of oil fell by $7.14(21.2%) from $33.64/barrel in December 2015 to $26.50 in January.
  • Annual comparisons show that the price of oil is down $17.88barrel (40.3%) from January of last year when it was $44.38.
  • In sterling terms, the January price of £18.38/barrel was down £4.04/barrel (18.0%) from the previous month and down £10.94/barrel (37.3%) year-on-year.
  • In January 2016, the average price for red diesel was down 4.13ppl to 38.87ppl compared with December 2015. The retail pump price of diesel was down 4.96ppl compared with December.
  • Compared with January 2015, red diesel prices are down 10.87ppl (21.9%) and the diesel pump prices are also down 13.04ppl (11.3%). 

 

 

Jan-16

Dec-15

Jan-15

OPEC Price (US$ / Barrel)

26.50

33.64

44.38

OPEC Price (£ / Barrel)†

18.38

22.42

29.32

UK Red Diesel (ppl)*

38.87

43.00

49.73

UK Diesel Pump Price (ppl)

102.81

107.77

115.85

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

*Red diesel duty January 2016 and December 2015 and January 2015 = 11.14ppl

† Exchange rate for January 2016 used 03/02/16.

Source: HMRC/Defra, DECC, OPEC.

Values in the text may be slightly different to the table due to rounding

Fuel Prices- Monthly 

Annual Price

Figures show that the average price of oil stood at $49.49/barrel for 2015 which was a fall of 48.6% compared with 2014.

Given this large fall in 2015, in the last ten years crude oil prices have now fallen below 2005 levels at $49.49/barrel in 2015 compared with $50.64 in 2005. Dairy farmers are now paying an annual average of 48.94ppl for red diesel - a rise of 13.39ppl (37.7%) over the last decade. Pump prices for diesel have increased by 24.04ppl (26.5%) over the same period.

 

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

64.40

133.46

2015

49.49

32.38

48.94

114.90

 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.

 Fuel Prices - Annual