Demand and Supply in action - petrol prices
Monday, November 07, 2011
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News coming in today suggests that we are going to see prices at the petrol pumps rise considerably over the next few years. The reason behind this will be increasing demand from the fast growing Asian economies.
This will push the price of a litre of unleaded petrol from an average of 134.8p now to 154p by the end of 2015.
In terms of economic analysis the demand curve will shift to the right and push price up.
In addition to this next year the UK government will put in place two increases on the duty on petrol. Chancellor George Osborne will introduce a deferred annual increase of 3p a litre in January and is likely to follow that up with another rise in August. Duty on petrol is a specific tax which will shift the supply curve to the left parallel to the original curve.
This would be a great little exercise for GCSE groups (and AS ones too!)
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