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Petrol Price Index

Global Petrol Price Index

Simply click on a country to compare its petrol price with the UK’s. To see a further comparison, just click the tab above the graph.



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  Share of Total Energy Consumption from Renewable Source (%)  
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  GDP per capita ($)  
  HDI (Human Development Index)  
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Why do fuel prices change? What makes them fluctuate so much? And why do they never seem to stay the same for long? The truth is, the factors that contribute to these changes have been (and always will be) complicated, inter-connected and ever-changing. And this hits more than our pockets as higher fuel prices push up the cost of goods across the board, including the price of the food we eat and the clothes we wear. But why does this happen in the first place? We’ve asked our experts to assess and review years of fuel price data to reveal the factors that create these changes.


Great news for us here, but how does this compare with prices abroad? By using our free index, you can check and track UK prices against other countries around the world. You can see if they’ve been affected by global events in the same way we have, and how their current prices matches up against ours.

Fuel Price Trends by Year


The war in Iraq saw oil prices rise by 19% compared to the previous year, due to the significant amount of oil reserves in the country and disruption to production. This took place as global demand for petrol rose, which also contributed to the increase in price. [Source]


Petrol prices rose thanks to a number of factors in 2004. The 2002-03 general strike in Venezuela significantly disrupted the levels of oil coming out of the country, which meant oil supply levels were not as high as they should have been this year.

Usually this would not have been of huge concern, but when combined with other events it hit harder than expected. Oil production in Iraq and Saudi Arabia was being sabotaged, while unrest in Nigeria also contributed to the problem.

On top of this, rising demand for oil from China and other industrialised countries made things more costly. [Source]


Hurricane Katrina wrought destruction upon America and contributed to record high prices in oil, while a continuing fall in Iraqi oil production did no favours.


This year set a new record for oil prices. Tensions over North Korea played their part, as did ongoing problems in Iraq. This was coupled with a new war between Israel and Lebanon, while demand for petrol rose by 1.9%. [Source]


In October, concerns about the Turkish military being sent into Iraq to fight the Kurds caused fears that supplies of oil might be disrupted, meaning oil prices rose. A weakening US dollar also contributed. [Source]


Tensions with Iran saw oil prices jump in April after news of the US military firing on an Iranian boat. This year also saw the highest jump in oil cost ever after fears of an Iranian attack on Israel.

In July, there was a massive sell-off of oil after President Bush announced the end of the US ban on oil drilling. By the end of the year, the price of crude oil had dropped to $44 a barrel from $146 in June.


The Gaza War of 2008-09 caused oil prices to rise at the beginning of the year. This was short-lived as the war ceased after three months and fears eased. [Source]


In mid-2010, petrol prices dropped as there were concerns about how some European countries would deal with their budgets. On top of this, there were worries about the knock-on effect on the US economy if the European one faltered.

The end of the year saw a jump in petrol prices as demand rose thanks to the ‘Arctic blasts’ experienced by Europe and North America.


The beginning of the year saw petrol prices rise again due to turmoil across the Middle East and North African region. The civil war in Libya, revolution in Egypt, and unrest in Bahrain and Yemen all played their part. Saudi Arabia failed to offset these problems and petrol prices saw their highest levels on record in March, only for that record to be broken in April and again in May.


The first five months saw a rise in petrol costs as sanctions against Iran caused them to threaten the closure of the Strait of Hormuz. This was a significant threat to supplies as 20% of the world’s petroleum travelled through here. Iran also stopped selling to Britain and France in February, four months ahead of an EU wide ban on importing Iranian oil.

There was some recovery in petrol prices after the French and Greeks voted in new politicians against austerity. This was short-lived as US refinery fires and problems, the Syrian conflict, Iran fears, and Tropical Storm Ernesto saw prices rise again.


After falling for three months, petrol prices rose in July. The removal of the Egyptian president, Mohamed Morsi, by a military coup played a large role in this. Prices continued to rise into September as violence in Egypt continued and fears about access to the Suez Canal were raised.


The first half of 2014 saw a fall in petrol prices for a number of reasons. Oil production in Libya and the North Sea was up, there was good economic news from Japan, while on the 20 January the Joint Plan of Action agreement between Iran and the P5+1 countries came into force. [Source]

By June petrol prices were rising again. Contributing factors were the conflict in Ukraine, the annexation of Crimea by Russia, and increased tensions in Libya. One of the most significant though was the Islamic State’s Northern Iraq Offensive, which saw the fall of the cities of Mosul and Tikrit, while Kurdish forces took control of Kirkuk, an important oil hub. This event also highlighted the weakness of the Iraqi military, raising fears about future security in the region. [Source]


A combination of slowing Chinese economic growth, a strong US dollar, and high levels of oil supplies saw oil prices hit their lowest levels since February 2009. Petrol prices have been falling month on month for a year. [Source]


The beginning of 2016 may see oil prices plummet with the return of Iranian production to the market. [Source]

The bliss of low fuel prices may not last long though with the Spending Review indicating that the Treasury’s takings from fuel duty will rise. The rise will start from April 2016 and is forecasted to continue every year until 2020. [Source]

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