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Petrol predicaments: Breaking down the cost of fuel

The rising cost of fuel is affecting millions of people worldwide. We need petrol to run our cars, aeroplanes, and industries. So where does all that fuel come from, how does it get to your local pump and how does the cost breakdown?

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PETROL PREDICAMENTS

The rising cost of fuel is affecting millions of people worldwide. We need fuel to run our cars, airplanes, and industries. So where does all that fuel come from and how does it get to your local pump? Read on to find out.

 

From the Source to Your Pump

It’s convenient for motorists to pull up to the pump to fill up their vehicles. But where does that fuel come from and how does it get to your local petrol station?

  • Geologists find crude oil sources in the Earth to be used for fuel.
  • Oil is extracted from the Earth through drilling and pumping.
  • Extracted oil is transported to a refinery to be extracted further into petrol and diesel.
  • The petrol and diesel are mixed with additives.
  • The refined fuel is transported to large distribution centers.
  • Fuel is transported in tankers from distribution centers to petrol stations.
  • Motorists visit petrol stations to fill up.

 

Top Sources in the World

Certain oil-rich countries take the lion’s share of the world’s crude oil supply. The top 10 oil producers include countries from nearly all parts of the globe.

Country           

Barrels Produced Per Day

Saudi Arabia

10,520,000

Russia

10,270,000

United States

9,688,000

Iran

4,252,000

China

4,073,000

Canada

3,483,000

Mexico

2,983,000

United Arab Emirates

2,813,000

Iraq

2,642,000

Nigeria

2,458,000

 

A Day in Europe’s Petrol Prices

Fed up with the price you’re paying at the pump? Some other countries may have it worse off. In some places in Europe, drivers are paying roughly £1 per litre, but in others the price soars to more than £1.50.

 

The Rising Cost of Petrol in the UK

In just the last 20, the price consumers pay for fuel has nearly doubled. Though the figures include both dips and spike, the last few years have seen steady price increases for motorists.

 

What Motorists Pay For

As of the end of March 2012, the average motorist in Great Britain was paying about 58 per cent of the price of petrol on taxes and duties. Here’s how it adds up.

 

Pre-Tax Price Per Litre
£0.58

Taxes and Duties Per Litre
£0.81

Pump Price Per Litre
£1.39

As of 26 March 2012

 

SOURCES: EU OIL BULLETIN, ENERGY INSTITUTE, DEPARTMENT OF ENERGY, PETROLPRICES.COM, CIA.GOV


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