I was recently conversing about the increase in petrol prices, and lamenting the fact that the generation before me had it so much better. With prices now heading over £1.30/litre, the % increase since I began driving in 2003 (when petrol was 80p/litre) seems extremely high.
I thought it would be a sensible idea to trawl the internet for hard statistics, and after failing to get the data I needed from Wolfram Alpha, I did a quick google and found http://www.speedlimit.org.uk/petrolprices.html, which contained the table below:
|Year||Price per Litre (p)||Price per Gallon (£)|| Retail
| Petrol Price
in constant terms
% increase ¶
¶ Note: this column represents the % increase over 5 years in the non inflation adjusted petrol price.
(Last updated April 2010)
Using the index column (where 1983=100) I worked out the following graph:
I’d need to do more analysis before I work out exactly what this means. Though it clearly shows the price of petrol increasing, because we’re around the ‘100’ index, in real-terms we’re no worse off than we were in 1983 (though the trend would suggest we’re going to be worse of pretty soon) – and is the RPI the best value to make the calculations against?
I’d be interested to hear if anyone can shed more light on these statistics. Please leave your comments below.