The price of fuel was one of the hottest topics for motorists during 2011, with what seemed like the ever rising prices.
At the moment 2012 doesn’t look like it will be any different.
Data from The Energy Institute shows that in November 1991, average petrol prices were 46.55ppl, and diesel prices were 46.07ppl. By November 2011, they had rocketed to 133.7ppl and 140.95ppl respectively.
That equates to a 187 percent rise for petrol and 206 percent increase for diesel.
So who profits the most from fuel sales?
It would seem it is mainly the Government as they take about 80p per litre of petrol and diesel sold.
During the third quarter of 2011 BP made £3.2 billion profit and Shell made £4.5 billion, although that isn’t just from petrol and diesel sales. It would seem it is the forecourts that get the smallest slice of the pie making only 1ppl in profit, maybe 2 or 3ppl if their lucky.
A suprising fact is that fuel duty and VAT from fuel sales are counted as revenue which means the government can do whatever they like with it, it is not ring-fenced for road-related or even transport-related spending.
So what will be happening to fuel prices this year?
As there are so many variables that can affect the cost of fuel it is very difficult to predict what will happen this year with any real accuracy. On company who may be able to shed some light is EnergyQuote who provide fuel forecasts to businesses who run fleets. Their lead energy analyst Damien Cox has said “Prices will go up, especially after the duty increase in August. On average, oil prices will likely be marginally higher in 2012 than in 2011.”
The summer duty spike will see diesel pass the 145ppl mark and petrol get close to 140ppl. So it would seem things won’t get easier for motorists anytime soon.
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Information sourced from Auto Express