As a result of falling oil demand during the coronavirus pandemic, fuel prices have declined dramatically in the first half of 2020. On average, unleaded 95 octane in the UK sold for less than 110 pence per liter in both May and June of that year, while supermarket prices of unleaded fell as low as 100 pence per liter. This was nearly as low as the price slump recorded during the oil glut in late 2015 and early 2016.
The most expensive fuel prices were recorded in the country’s capital. In the first six months of the year, diesel prices in London ranged from 133 pence to 114 pence per liter. Similarly, drivers in Scotland also paid more for diesel fuel than the average UK resident, whereas across the Irish Sea in Northern Ireland super unleaded prices were less than what Londoners paid for diesel.
The taxation share of unleaded fuel amounted to 64 percent in 2019 and 62 percent of end consumer diesel prices. That year, the government took in 28 billion British pounds in road fuel duties.