UK fuel prices have been a continuing source of complaint in recent years, and current prices are now at record levels. Are these high prices a global reality for all in an environment of diminishing resources, or are UK consumers being forced to pay a higher price? A recent German study of more than 170 countries and territories provides some interesting insights.
Fuel taxes are an important source of revenue for financing the transport sector. They charge road user the costs of transport infrastructure. While 10 US cents per liter may yield the financial resources necessary to maintain the road system, an additional 3-5 US cents can be a source of finance for urban transport.
Numerous countries earn revenues through fuel taxes, which can be used for reducing public transport fares or providing social services. Fuel taxation can shift the burden of indirect negative effects of transport (such as environmental pollution, noise, congestion costs, etc.) onto transport users.
“International Fuel Prices” is a long-time effort of GTZ on behalf of the German Federal Ministry for Economic Cooperation and Development to provide decision-makers with global data on fuel prices.
Paul Bradbury is wrong, at least as far as the UK is concerned. Fuel prices are not at record levels. They have been higher, if you take account of inflation.
Also confusing is
The biggest difference where diesel was more expensive than petrol was in Nigeria, where a litre of petrol at $0.44 was considerably pricier than the diesel equivalent at $0.77.
The dollar wasn't worth so much in 2008 and that time there was a very rapid run up of oil spot prices with a lot of longer contracted oil sold at lower prices. This time the price increase has been more gradual so spot price and what is actually paid for the bulk of the oil are more in step.
