Since December 2006, the price of a litre of unleaded petrol has increased by 14%. This is based on the average monthly petrol price published here by the AA every month.
In the same period of time, how much has a barrel of oil increased by?
The price of a barrel of oil in the same period of time has increased by 50%. This is the price of the “headline” price as quoted in all news stories regarding the price of oil (crude oil).
Based on questions 1 and 2, are Irish consumers better or worse off since December 2006?
Subjective I suppose, but a price increase of 14% in a year is above the rate of inflation. But the fact that it’s not gone up 50% means we could be worse off maybe.