The price of Brent crude hit $43 a barrel on Monday [24th August], its lowest level since 2009. Back then average UK prices were 86.6p per litre for petrol and 98.7p per litre for diesel.
Today, average pump prices are 113.49p per litre for petrol and 111.07p for diesel.
Aside from a 2.5 per cent rise in VAT the higher prices are the result of a 40 per cent increase in profit margins by British oil refiners.
Source: The Times, 26th August 2015.
blueprint brief – 27th August 2015