Oil prices 50% lower in 12 months

Oil prices in January were around $50 a barrel, about half of what they were a year earlier and the lowest since 2008.

On 6 January 2015, the Chancellor of the Exchequer ordered an enquiry into whether the oil prices have properly reflected this fall in prices.

Of a typical price of £1.08 for a litre of petrol, 76p is tax.

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