Monthly Fuel Price Tracker

Published 10 February 17

  • Latest figures from OPEC show that the price of oil rose $0.73/barrel (1.4%) between December 2016 and January 2017.
  • Annual comparisons show that the price of oil is up $25.90/barrel (97.7%) from January last year when it was $26.50.
  • In sterling terms, the January price of £42.50/barrel was up £1.12/barrel (2.7%) from the previous month and up £24.09/barrel (130.9%) year-on-year.
  • In January, the average price for red diesel was up 4.12ppl to 54.94ppl compared with December. The retail pump price of diesel was up 4.94ppl.
  • Compared with January 2016, red diesel prices were up 16.32ppl (42.2%) and diesel pump prices were up 19.58ppl (19.1%). 

 

Jan-17

Dec-16

Jan-16

OPEC Price (US$ / Barrel)

52.40

51.67

26.50

OPEC Price (£ / Barrel)

42.50

41.38

18.41

UK Red Diesel (ppl)*

54.94

50.82

38.62

UK Diesel Pump Price (ppl)

122.10

117.16

102.52

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

*Red diesel duty December 2016, January 17 and January 16 = 11.14ppl

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 $40.76/barrel for 2016 which was a fall of 17.6% compared with 2015.

Given this fall in 2016, following the large drop in 2015, crude oil prices have stayed below 2005 levels at $40.76/barrel in 2016 compared with $50.64 in 2005. Dairy farmers are now paying an annual average of 44.96ppl for red diesel - a rise of 4.59ppl (11.4%) over the last decade. Pump prices for diesel have increased by 14.92ppl (15.7%) 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

16.06

23.05

77.84

2002

24.36

16.21

21.53

75.46

2003

28.10

17.19

24.12

77.92

2004

36.05

19.67

26.92

81.91

2005

50.64

27.84

35.55

90.86

2006

61.08

33.15

40.37

95.21

2007

69.08

34.50

41.76

96.85

2008

94.45

50.95

59.37

117.52

2009

61.06

38.96

46.44

103.93

2010

77.45

50.12

55.30

119.26

2011

107.46

67.01

68.57

138.72

2012

109.45

69.08

71.38

141.83

2013

105.87

67.68

70.19

140.41

2014

96.29

58.44

64.40

133.46

2015

49.49

32.37

48.94

114.90

2016

40.76

30.08

44.96

110.13

 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.