The price of bulk diesel passed through the £1.05/litre barrier today - UPDATE: the FTA's bulk diesel price is now 107p/litre (as of 23rd May 2008), while the price of crude oil is now approaching $135.
Data supplied by John Hall Associates (JHA) to the FTA shows a litre of bulk diesel selling for 105.72p 107.72p. On 16 May 2007, a litre of bulk diesel cost ‘just’ 76.01p – thus it has risen 29.71p 31.71p/litre in a year, or a whopping 39% 42%.
The JHA data incorporates a fortnight’s time lag, so this price does not reflect the current crude oil high of $129.45 $134/barrel. This record has been driven by the weak dollar and continuing concerns about supply. Speculation that China will need to import more fuel in the aftermath of the earthquake is also having an impact, according to experts.
Prices are expected to continue to rise.
Analysis generated via the Motor Transport/RT.com Cost Tables reveals that a 1p/litre rise in the price of fuel equates to an extra cost of £631 for a 44-tonner doing 100,000 miles a year; thus since 16 May 2007, that 44-tonner now costs an extra £18,747 £20,000 a year to run.
For that same 44-tonner, fuel now represents 40% of its total operating cost.
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