Save money on fuel prices throughout the UK
We use approximately 120 million litres of fuel in the UK each day: 46 million of petrol and 74m litres of diesel respectively.
What we pay per litre can vary considerably depending on our location and the retailer we choose to buy from. Here we take a look more into what we are paying at the pump, in turn revealing how to save £100’s on your fuel bill each year.
What affects fuel prices?
What we have to pay for both petrol and diesel is affected by wholesale fuel prices. These are dependent on a number of factors;
- the global price of crude oil
- the supply and demand for crude oil
- refinery production and capacity
- the exchange rate in pounds to dollars (refined fuel is sold in US dollars per metric tonne)
- distribution costs
- the margin dictated by the retailer
- fuel duty charged by the government
- VAT (20%) charged at the end of every transaction
While some of these elements are fixed, such as fuel duty rates and tax, fluctuations in oil price and exchange rates contribute to the constantly changing prices we have become accustom to.