How much does petrol cost around the world in 2021? 1

How much does petrol cost around the world in 2021?

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The eye-watering cost of filling up a vehicle with fuel in Britain has been revealed by new data showing how much motorists pay to fill up their tanks all over the world.

Motorists in Russia pay around 94p a litre less for their petrol than drivers in Britain, according to figures from FairFuelUK.

Howard Cox, founder of FairFuelUK, said: ‘Boris and Rishi’s head in the sand economic management of the fuel supply chain’s unchecked opportunistic profiteering [is] beggars belief.’

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Global comparison: Britons pay much more for fuel than many motorists in the world

Global comparison: Britons pay much more for fuel than many motorists in the world

As of 20 December, motorists in Turkey and the US were paying around 79p and 72p less respectively for petrol than Britons.

According to FairFuelUK, on 24 December, average petrol prices at the pumps for motorists in Britain were 145p, while the wholesale price was 120p, generating a gross profit of 25p a litre. 

On Christmas Eve, diesel prices stood at 149p a litre, while the wholesale cost was 119p a litre, generating a gross profit per litre of 30p, FairFuelUK said.

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As of 20 December, the cost of petrol in Australia, China and India was 59p, 55p and 43p a litre cheaper than in Britain. 

In France, Germany and Spain, petrol prices were around 9p, 14p and 21p a litre cheaper than in Britain, according to the data.

Denmark, Greece, Italy, Holland and Norway were the only places where petrol prices were dearer than in Britain, the findings suggest. 

The global markets in FairFuelUK’s findings averaged 25p a litre cheaper than the UK for petrol, and 35p per litre cheaper for diesel.  

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FairFuelUK said: ‘Why are these markets passing on wholesale petrol and diesel price falls to drivers, but the UK continues to ignore months of wholesale falls?

‘An average family car here in Britain is paying up to £16 more than the average in these developed markets.’

Mr Cox of FairFuelUK, added: ‘The huge amount of VAT being generated by the eye watering pump prices, is great for the Treasury, but, these greedy rip off prices are crippling low income families, small business and are accelerating the rise in inflation. 

‘It is in the Prime Minister and Chancellor’s hands to order a CMA enquiry, introduce PumpWatch, stimulate consumer spending and help disillusioned voters. 

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‘Why are they ignoring this popular fiscal cry from the majority of the public and businesses? Boris, please get rid of your biased ill-informed green metropolitan advisers and restore confidence in this Tory administration by listening to UK’s 37million drivers.’ 

FairFuelUK think UK pump prices should be at least 10p a litre cheaper than they currently are. 

It said: ‘If prices at the pumps were honest and transparently and open to scrutiny, inflation could fall by as much as 1 per cent.

Costly: The global markets in FairFuelUK's findings averaged 25p a litre cheaper than the UK for petrol, and 35p per litre cheaper for diesel

Costly: The global markets in FairFuelUK’s findings averaged 25p a litre cheaper than the UK for petrol, and 35p per litre cheaper for diesel

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‘No matter what happens the Fuel Duty Tax take will remain at 57.95p per litre, so, the Government will not lose out on fuel tax revenue. Drivers and consumers would spend more too, so VAT and corporation tax would increase as a consequence.

‘FairFuelUK repeats it call for the Competition and Markets Authority to investigate the continuing unchecked profiteering in the fuel supply chain.

‘In the New Year FairFuelUK is to start up a petition calling on the Government to introduce PumpWatch.

‘FairFuelUK proposes, UK Fuel forecourts should publicly display a PumpWatch mark that shows they adjust pump filling up costs fairly, transparently, and timely to reflect global oil price changes and dollar to sterling exchange rates accurately and honestly. To qualify for a PumpWatch Kite Mark would be based on regular scrutiny and spot checks.’

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According to Confused.com, on 23 December, the highest petrol price in Britain was 198.9p a litre, while the most expensive forecourt for diesel was charging 199.5p a litre. 

A barrel of brent crude oil is now around $79. Abhishek Chauhan, head of commodities at Swastika Investmart, said: ‘Worries regarding Omicron are easing across the globe, resulting in some optimism over demand. Prices are expected to trade with positive bias.’

There is often a lag between shifts in the oil price and prices paid at the pumps. But, high retail prices can eventually drop if oil stays depressed for an extended period.

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