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Data Starter: The price elasticity of demand for petrol

Elizabeth Veal

27th January 2026

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How price elastic is demand for petrol in the UK?

UK petrol consumption market

Original price of petrol: 150p

Original quantity of petrol demanded: 460 million litres per week

New price of petrol: 165p

New quantity of petrol demanded: 445 million litres per week

Sources: Petrol and diesel prices - data.gov.uk; Energy Consumption in the UK (ECUK) 2025 - GOV.UK

Using this data, answer these calculation questions:

1. Calculate the price elasticity of demand (PED) for petrol using the data above.

2. Interpret this PED value.

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Elizabeth Veal

Liz has taught Economics for over 25 years, including several years as Head of Economics at leading schools.

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