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Fuel prices
7th October 2004, Page 22
7th October 2004
Page 22
Page 22, 7th October 2004
— Fuel prices
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The UK remains by far the most expensive European country in which to buy diesel. According to figures from the International Road Transport Union, the gap between the UK and the Continent continues to grow, with the price of UK diesel at €1.23/kt compared with Luxembourg, the cheapest country in the EU at €0.75/lit. During September fuel prices continued to rise throughout the UK with further hikes expected as the price of oil soared to an all-time high of $50.47 per barrel following a downturn in production at the Gulf of Mexico after it was hit by Hurricane Ivan. OPEC is already pumping out almost 30 million barrels of crude a day and says it cannot increase output to cool the market.