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Petrol prices have not been higher since the late 1910s. What's next?
www.moneyagonyaunt.com today reports that petrol wholesale prices went up 17% this year! According to the AA, petrol prices are unlikely ever to go below 110p a litre again, even though fuel costs are on their way down again. 07-06-2010
The reason for this is a combination of increasing fuel duty and measures by Opec (an alliance of oil-producing nations) to control the price of oil, usually by restricting its supply. The AA argues, in fact, that we will never see prices fall below the £1 mark.
What's causing high prices?
From the 1930s to the 1990s real UK petrol prices (that is, excluding inflation) have spent most of their time in a fairly narrow price range. Today, at an average price of more than 120p/litre of unleaded petrol (as reported in Petrol price hikes trigger supermarket price war) they're about 40% higher than the long-term trend.
There have been just two times in the past 108 years when prices have risen so dramatically. In the mid to late 50s, shortly after a post-war period of petrol rationing ended, they were as high as today. During WW1, they were the equivalent of about £1.90/litre in today's money. At more than 50% higher than today, that is also a peak of double the average price from the 30s through the 90s.
Read the full story at http://moneyagonyaunt.com/news/view_n1a62292b933ed5c0685b5776aab8aac3/. Source and thanks to www.lovemoney.com.
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