Quizzes & Puzzles1 min ago
Cheap Petrol
17 Answers
In 1970-odd, when we started driving, petrol was about 3 gallons for a pound (33p per gallon).
Average wages at the time were about £25 a week, so one gallon was about 2 percent of average wage.
Average wages are now (ish) £30000, or £575 a week. 2 per cent of that is £11.50.
While petrol is currently about £1.75 a litre, or £9 a gallon (ish).
So petrol has either remained the same relative price, or in some circumstances is cheaper.
I know that the £575 is arguable, and includes the fat cats on hundreds of thousands a year as well as the cleaners on minimum wage, but apart from that are my sums right?
BB
Average wages at the time were about £25 a week, so one gallon was about 2 percent of average wage.
Average wages are now (ish) £30000, or £575 a week. 2 per cent of that is £11.50.
While petrol is currently about £1.75 a litre, or £9 a gallon (ish).
So petrol has either remained the same relative price, or in some circumstances is cheaper.
I know that the £575 is arguable, and includes the fat cats on hundreds of thousands a year as well as the cleaners on minimum wage, but apart from that are my sums right?
BB
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.Assuming your average weekly wage of £25 in the 1970's and 33p per gallon,
this is 1.32% of the average weekly wage.
£1.30 per litre is approx £5.91 per gallon.
£5.91 is 1.32% of £447 (approx), equivalent to £23244 per annum.
If the average yearly wage is £30k:
this gives that a gallon of petrol is currently 1.02% of the average weekly wage.
Assuming that the your figures of 33p per gallon and £25 per week are correct, it suggests that petrol prices are pretty much what they used to be, in relation to wages.
this is 1.32% of the average weekly wage.
£1.30 per litre is approx £5.91 per gallon.
£5.91 is 1.32% of £447 (approx), equivalent to £23244 per annum.
If the average yearly wage is £30k:
this gives that a gallon of petrol is currently 1.02% of the average weekly wage.
Assuming that the your figures of 33p per gallon and £25 per week are correct, it suggests that petrol prices are pretty much what they used to be, in relation to wages.
Flonska. Your fine tuning of my guestimates indicates that petrol is at best the same relative price now as it was 50-odd years ago, and if you take the claims of cheaper fuel at Tescos and Morrisons, then it is in fact CHEAPER now.
Only doubt is over the £30,000 figure, as I know several people on between £15 and £20,000 a year, so for them petrol is in fact dearer!
Only doubt is over the £30,000 figure, as I know several people on between £15 and £20,000 a year, so for them petrol is in fact dearer!
Thanks vagus.
I’ve been suspicious of similar figures since the 80s when unemployment figures were ‘improved’ by excluding various categories, like short-term unemployed, long-term unemployed, young, old - etc.
I know such terms are sniffed at these days, but I’d like some class-based statistics! Average working class wages, for example.
I’ve been suspicious of similar figures since the 80s when unemployment figures were ‘improved’ by excluding various categories, like short-term unemployed, long-term unemployed, young, old - etc.
I know such terms are sniffed at these days, but I’d like some class-based statistics! Average working class wages, for example.