Transport fuel prices and taxes
Since 1980 the real price of transport fuel (all transport fuels, expressed as the equivalent consumption in unleaded petrol, corrected for inflation to 2005 prices) has fluctuated between EUR 0.75 and 1.25 per litre, with an average of EUR 0.96. Real prices per litre peaked in July 2008 at around EUR 1.25, but then fell by around a third later that year, largely due to a significant drop in the price of crude oil. Another peak occurred in April 2012 when fuel prices reached EUR 1.24. Since then fuel prices have fallen again. The average real price in May 2013 was EUR 1.14 – still significantly above the long term average of EUR 0.96. The price of fuel is an important determinant of the demand for transport and the efficiency with which fuel is used. However, despite rising real prices over the last two decades transport demand increased.