petrol

Petrol Price Per Litre $ Around the World

Petrol Price Per Litre $ Around the World

Source: World Bank This shows the price of petrol per litre around the world. Varying in price from $0.02 a litre in Venezuela to Eritrea with a price of $3.33. Generally Western European economies have the highest price of petrol due to higher petrol tax. Out of 217 countries listed by the world bank. Most expensive place to buy petrol in the worldEritrea $3.33 Norway $2.27 Netherlands $2.15The UK is the 12th…

Fuel Consumption in UK

Fuel Consumption in UK

In the post-war period, consumption of  vehicle fuel (petrol / diesel) increased dramatically as car ownership rose and more journeys were made by car. However, since 2007, there has been a significant drop in vehicle fuel consumption, with demand falling over 20% Many factors affect demand for vehicle fuel, including price, income, fuel efficiency, quality of alternatives (public transport) and general preferences.If we ignore all the income effects, social effects and changes in consumer preferences (which admittedly is very significant) we can…