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Fuel Prices: A Big Worry for the Environment

22/03/2016 18:37:33

With the prices of petrol dropping to less than £1/liter towards the December of 2015, fuel rates have been making big headlines for all positive reasons recently. As drivers willingly top up their fuel tanks & super markets assure to continue to reduce the costs provided that the price of oil production stays low, we throw some spotlight on petrol pumps for finding out what’s in store for us in the future.
 
In 2015, the demand for oil resulted in concerns over drying up of the diesel pumps. Some even feared that the conflict over oil prices are yet to calm down. 
 
With the fuel prices dipping, resulting in potentially catastrophic climatic conditions, major petrol pumps are finding it tough to keep the prices low with majority of them promising to continue reducing the fuel prices for till the time oil prices keep declining.
 
During January 2015, a petrol pump in Birmingham reduced their unleaded rates to 99.7 pence, resulting in chaos at the fuel pumps. The fuel rates at Harvest Energy, Kings Heath saw drivers lining up in order to top-up their fuel tanks. 
 
In the year 2010, the rate of petrol per liter was just above 1.10 British Pound. In 2012, this increased to 1.32 British Pound before dipping marginally in the year 2014 to 1.30 British Pound. Nevertheless, inside only a couple of in 2016, the prices for petrol are at 1.02 British Pound per liter or even lower in a few regions.
 
Diesel, on the other hand, has seen an identical drift. It has fluctuated from 1.12 British Pound during 2006 to slightly over 1.40 British Pound during 2008 before dipping to 1.06 British Pound this year. 
 
In the past few years, the authorities have tried to encourage vehicle owners to walk more frequently – however with the prices of fuel constantly falling, people are more likely to jump in their cars. 
 
Whilst electric vehicles were once considered as the future of vehicle driving, the previous year’s dip in the costs of fuel saw the attraction towards electric vehicles disappear – with car owners rationalizing it is almost as inexpensive to drive a diesel/petrol vehicle whilst the fuel costs are low. However, toping up might actually cost you more ultimately - with researches stating that additional fuel means the tank essentially has a harmful impact on the efficiency of fuel.
 
What’s more, with estimates that the petrol prices might fall to as low as 86 pence/liter, how low can they actually go. More significantly, what impact will it have on the environment?