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24 February 2011

The petrol price index

Fed up with petrol price increases? Just be thankful that you’re not Greek . . .

By Duncan Robinson

A nifty chart published by the Economist details how much we Brits pay for petrol compared to other European nations, the United States and Japan. While we pay more than many, Denmark, Greece and the Netherlands all have to fork out more at the pump.

In general, however, the amount of tax Britons pay for a litre of unleaded is broadly similar to the amount in other countries of western Europe. This could cause some relief for George Osborne, who has come under pressure to forgo a planned increase in petrol duty.

With the price of oil increasing, ministers have looked at a “fuel duty stabiliser”, which would temporarily cut fuel duty, limiting the pain felt by British motorists.

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If anyone has cause to complain, however, it is the Greeks. In the midst of a crippling austerity budget, the price of petrol has shot up by 50 per cent.

Ouch!