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May 22, 2008

UK: Oil prices top $135 a barrel

Oil prices have reached a new high topping $135 a barrel today.

Oil prices have reached a new high topping $135 a barrel today.

This week’s price rise has been primed by concerns about long-term supply and a drop in US stocks of crude oil, reported Reuters.

The price rises have translated quickly into higher gasoline and diesel prices. In the UK diesel prices have risen by the highest month-on-month increase this century.  Between mid-April and mid-May, the price of diesel shot up 6.76 pence per litre, from 117.41 to 124.17 pence per litre, reported Fleet News.

The average price of petrol has also risen significantl, by 4.49p per litre in the past month, from 108.06 to 112.55p per litre.

In Germany the diesel price has risen to a level comparable with that of gasoline, where it previously had a significant price advantage from low tax. Diesel and gasoline now cost around 1.52 Euros per litre. According to dpa the price of diesel on the European oil market in Rotterdam has risen to $1290 a tonne, compared to $1088 a tonne. This is enough to wipe out the 22 cents per litre tax advantage that diesel has over gasoline.

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