Petrol Prices
Since March 1983 I have kept a detailed record of fuel prices and fuel consumption, spanning fourteen different cars, both privately-owned and company. This table records the movement in fuel prices over that period, taking in each year the first fuel purchase in March. Prices are for leaded 4-star up to 1988, and unleaded thereafter. This roughly corresponds to the point when unleaded took over from 4-star as the standard fuel.
The table shows that the price of fuel in real terms is now 10% higher in March 2008 than in 1983. This is only the fifth year that the inflation-adjusted price has been higher than that in 1983. However, this disguises the fact that "real" fuel prices fell between 1983 and 1992, encouraging a boom in road traffic, but then rose sharply due to the "fuel duty escalator", resulting in the fuel protest of 2000. At this time, fuel prices had risen by over 50% in five years, which undoubtedly caused much hardship.
The table also does not show peak prices in my local area, which were 224.6p/gallon (49.4p/litre) in October 1990, following the Iraqi invasion of Kuwait, and 390.5p/gallon (85.9p/litre) in June 2000, just before the fuel protest. Around this time I even paid 404.1p/gallon (88.9p/litre) in the Scottish Highlands. It seems that peak prices tend to occur in the autumn, and March, just as winter demand is tailing off, is often a low point in the year.
In 2005 there was a marked rise in the international price of oil, leading to a peak price of 426.9p/gallon (93.9p/litre) in September and October. Also since the beginning of March 2008 there has been a further rise, with my most recent fill-up in mid-April being at a record 486.0p/gallon (106.9p/litre).
Of the March 2008 price of 103.9p/litre, 65.9p or 63.4% goes to the government (50.35p fuel duty and 15.5p VAT).
For information about current fuel prices in your local area, take a look at PetrolPrices.com.
| Petrol Prices 1983-2008 | |||||
| Year | Price per Litre (p) | Price per Gallon (£) |
Retail Prices Index |
Petrol Price in constant terms (1983=100) |
5-year % increase ¶ |
| 1983 | 36.7 | 1.670 | 83.1 | 100.0 | - |
| 1984 | 38.7 | 1.759 | 87.5 | 100.0 | - |
| 1985 | 42.8 | 1.946 | 92.8 | 104.3 | - |
| 1986 | 38.2 | 1.737 | 96.7 | 89.4 | - |
| 1987 | 37.8 | 1.719 | 100.6 | 85.0 | - |
| 1988 | 34.7 | 1.578 | 104.1 | 75.4 | -5.5 |
| 1989 | 38.4 | 1.746 | 112.3 | 77.4 | -0.7 |
| 1990 | 40.2 | 1.828 | 121.4 | 74.9 | -6.1 |
| 1991 | 39.5 | 1.796 | 131.4 | 68.0 | 3.4 |
| 1992 | 40.3 | 1.832 | 136.7 | 66.7 | 6.6 |
| 1993 | 45.9 | 2.087 | 139.3 | 74.6 | 32.3 |
| 1994 | 48.9 | 2.223 | 133.1 | 77.6 | 27.3 |
| 1995 | 50.9 | 2.314 | 147.5 | 78.1 | 26.6 |
| 1996 | 52.9 | 2.405 | 151.5 | 79.0 | 33.9 |
| 1997 | 57.9 | 2.632 | 155.4 | 84.3 | 43.7 |
| 1998 | 60.9 | 2.769 | 160.8 | 85.7 | 32.7 |
| 1999 | 61.9 | 2.814 | 164.1 | 85.3 | 26.6 |
| 2000 | 76.9 | 3.496 | 168.4 | 103.3 | 51.1 |
| 2001 | 77.9 | 3.541 | 173.1 | 101.8 | 47.2 |
| 2002 | 69.9 | 3.178 | 174.5 | 90.6 | 20.7 |
| 2003 | 77.9 | 3.541 | 179.9 | 98.0 | 27.9 |
| 2004 | 77.9 | 3.541 | 184.6 | 95.5 | 25.8 |
| 2005 | 79.9 | 3.632 | 190.5 | 95.0 | 3.9 |
| 2006 | 88.9 | 4.041 | 195.0 | 103.2 | 14.1 |
| 2007 | 87.9 | 3.996 | 204.4 | 97.4 | 25.6 |
| 2008 | 103.9 | 4.723 | 212.1 | 110.9 | 33.4 |
¶ Note: this column represents the % increase over 5 years in the non inflated adjusted petrol price.
(Last updated April 2008)