UK petrol price jumps above 1.50 as oil costs rise Fuel prices have hit record highs...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
UK petrol price jumps above £1.50 as oil costs rise Fuel prices have hit record highs in the UK as Russia's invasion of Ukraine continues to affect global oil prices The average price of petrol jumped to £1.51 a litre, while diesel increased to £1.55. The cost of filling a 55-litre family car with unleaded petrol is now £83 or £85 for diesel. The price of Brent crude oil rose by 4.6% to $102 barrel after Western nations imposed new sanctions on Russia - one the world's largest energy producers. Petrol price movements in the UK are mainly determined by the price of crude oil, and the exchange rate between the dollar and the pound, because fuel, like oil is traded in dollars. Petrol also has a relatively low price elasticity of demand. UK consumers are already paying a high price for fuel, with demand surging following the easing of Covid restrictions. Steve Irwin, from fuel consultancy firm Portland, told the BBC that prices had also risen due to concerns over oil and gas pipelines which travel through Ukraine and carry Russian products. He said there was "potential for enormous supply disruption" Source: The BBC [Adapted extract] - March 2022 a. Explain using a diagram and the Information in the article, why fuel prices in the UK have risen UK petrol price jumps above £1.50 as oil costs rise Fuel prices have hit record highs in the UK as Russia's invasion of Ukraine continues to affect global oil prices The average price of petrol jumped to £1.51 a litre, while diesel increased to £1.55. The cost of filling a 55-litre family car with unleaded petrol is now £83 or £85 for diesel. The price of Brent crude oil rose by 4.6% to $102 barrel after Western nations imposed new sanctions on Russia - one the world's largest energy producers. Petrol price movements in the UK are mainly determined by the price of crude oil, and the exchange rate between the dollar and the pound, because fuel, like oil is traded in dollars. Petrol also has a relatively low price elasticity of demand. UK consumers are already paying a high price for fuel, with demand surging following the easing of Covid restrictions. Steve Irwin, from fuel consultancy firm Portland, told the BBC that prices had also risen due to concerns over oil and gas pipelines which travel through Ukraine and carry Russian products. He said there was "potential for enormous supply disruption" Source: The BBC [Adapted extract] - March 2022 a. Explain using a diagram and the Information in the article, why fuel prices in the UK have risen
Expert Answer:
Answer rating: 100% (QA)
Youve provided a detailed explanation of the SRAS equation in the imperfect information model which ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118300855
10th Canadian Edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
Students also viewed these economics questions
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Calculate e y for the following values of y: (a) y = 1 (b) y = 5 (c) y = -.5 (d) y = -2.5 (e) y = 3.1 (f) y = - I (g) y = .05 (h) y = .32 (i) y = 6.1 (j) y = -5.4
-
Pizza Historically, the time to order and deliver a pizza at Jimbo's pizza was 48 minutes. Jim, the owner, implements a new system for ordering and delivering pizzas that he believes will reduce the...
-
On December 31, 2023, Fresh Veggie Companys Allowance for Doubtful Accounts had an unadjusted debit balance of $9,800. The accountant for Fresh has prepared a schedule of the December 31, 2023,...
-
Simplify the irrational number \(\sqrt{180}\) and express in lowest terms. Identify the rational and irrational parts.
-
The comparative balance sheet of Mills Engine Co. at December 31, 2013 and 2012, is as follows: The noncurrent asset, noncurrent liability, and stockholders equity accounts for 2010 are as follows:...
-
What is the future value of 16 deposits of $2,380 each made at the beginning of each period and compounded at 10%? (Future value as of the end of the 16th period.) (Round factor values to 5 deci...
-
Create common size income statements and perform a basic ratio analysis of the two companies for fiscal year 2021, which is the fiscal year ended on Jan. 29, 2022/Jan. 28, 2022. (Note: fiscal year...
-
Table 6.2 Year 2016 2017 2018 2019 2020 Price of glitter ($) 1.6 1.65 1.72 1.7 2 Quantity of glitter (grams) 55 53 47 48 40 Price of confetti ($) 1.1 1.3 1.48 1.4 1.5 Quantity of confetti (grams) 58...
-
_____ analyzes individual performance from all sides from the supervisors viewpoint, from the subordinates viewpoint, from customers viewpoints (if applicable), from peers, and using the employees...
-
The following link, http://www.openstreetmap.org/#map=12/52.1977/0.1507, shows a map of Cambridge, England, based on OpenStreetMap data. Use the map to compare the quality of OpenStreetMap data with...
-
_____ is a performance appraisal method that is used to evaluate employee performance from best to worst.
-
_____ is a performance appraisal checklist on which a manager simply rates performance on a continuum, such as excellent, good, average, fair, and poor.
-
_____ is a performance appraisal that provides a description of each assessment along a continuum.
-
A surgery center specializes in high-risk cardiovascular surgery. The center needs to forecast its profitability over the next three years to plan for capital growth projects. For the first year, the...
-
The following information is for Montreal Gloves Inc. for the year 2020: Manufacturing costs Number of gloves manufactured Beginning inventory $ 3,016,700 311,000 pairs 0 pairs Sales in 2020 were...
-
The following items are found in a company's financial statements: 1. Interest expense (credit balance) 2. Gain on restructuring of debt 3. Mortgage payable (payable in equal amounts over the next...
-
Access the financial statements of Bombardier Inc. for the years ended December 31, 2012, and December 31, 2011, from the company's website or SEDAR (www.sedar.com). Instructions Changes in non-cash...
-
Papadopoulos Limited (PL) sells retail merchandise in Canada. The company was incorporated last year and is now in its second year of operations. PL is owned and operated by the Papadopoulos family,...
-
RJ Manufacturing is considering buying the mounting brackets it uses to make its fire extinguishers from an outside supplier. Currently, RJ Manufacturing makes the brackets in its own manufacturing...
-
Jumbo Chinese Restaurant operates a small laundry facility to launder the uniforms, tablecloths, and other linens used by its restaurant chain. Jumbos laundry operation occupies space in an...
-
Abraham Manufacturing produces 22,000 rubber engine mounts each year for use in its electric cart manufacturing plant. Abrahams engine mounts have an excellent reputation for strength and durability....
Study smarter with the SolutionInn App