An oil well in the Gudong oil field which is a part of China’s Shengli oil field
by Andrew Sentance
Motorists will have noticed that the price of petrol and diesel at the pump has been creeping up over the past two or three months.
Gone are the days of £1 a litre motor fuel. The current price is around £1.10 for both petrol and diesel, the highest we have seen since last autumn.
Despite this, we are a long way from the peak of over £1.40 which we saw three years ago. The oil price has been strengthening recently, but it is still low compared with the $100 plus oil price we became accustomed to from 2011 until 2014. Earlier this year, the price of crude oil dipped below $30 a barrel. It is now back to around $50.