Energy Prices Taxes 11 is 2

I E A S T A T I S T I C S

ENERGY PRICES AND TAXES

QUARTERLY STATISTICS

InternationalEnergy Agency

SECOND QUARTER 2011

2011

ENERGY PRICES AND TAXES

QUARTERLY STATISTICSSECOND QUARTER 2011

2011

INTERNATIONAL ENERGY AGENCY

The International Energy Agency (IEA), an autonomous agency, was established in November 1974. Its primary mandate was and is two-fold: to promote energy security amongst its member countries through collective response to physical disruptions in oil supply, and provide authoritative research and analysis on ways to ensure reliable, affordable and clean energy for its 28 member countries and beyond. The IEA carries out a comprehensive programme of energy co-operation among its member countries, each of which is obliged to hold oil stocks equivalent to 90 days of its net imports. The Agencys aims include the following objectives:

n Secure member countries access to reliable and ample supplies of all forms of energy; in particular, through maintaining effective emergency response capabilities in case of oil supply disruptions.

n Promote sustainable energy policies that spur economic growth and environmental protection in a global context particularly in terms of reducing greenhouse-gas emissions that contribute to climate change.

n Improve transparency of international markets through collection and analysis of energy data.

n Support global collaboration on energy technology to secure future energy supplies and mitigate their environmental impact, including through improved energy

efficiency and development and deployment of low-carbon technologies.

n Find solutions to global energy challenges through engagement and dialogue with non-member countries, industry, international

organisations and other stakeholders.IEA member countries:

Australia Austria

Belgium Canada

Czech RepublicDenmark

FinlandFrance

GermanyGreece

HungaryIreland

ItalyJapanKorea (Republic of)LuxembourgNetherlandsNew Zealand NorwayPolandPortugalSlovak RepublicSpainSwedenSwitzerlandTurkeyUnited KingdomUnited States

The European Commission also participates in the work of the IEA.

Please note that this publication is subject to specific restrictions that limit its use and distribution.

The terms and conditions are available online at www.iea.org/about/copyright.asp

OECD/IEA, 2011International Energy Agency

9 rue de la Fdration 75739 Paris Cedex 15, France

www.iea.org

ENERGY PRICES & TAXES 2nd Quarter 2011 - iii


TABLE OF CONTENTS Page

Introduction ......................................................................................................................................................................vii

Recent Energy Price Developments and Summary Data Spot prices ......................................................................................................................................................................... xi Import costs .................................................................................................................................................................... xiii End-use price indices ....................................................................................................................................................... xvi Taxes and duties .............................................................................................................................................................xxii

Part I: Import and Export Costs and Indices; Trade Regulations and Duties General note on definitions, methods and sources ............................................................................................................. 2 Crude oil spot prices ........................................................................................................................................................... 4 Marine bunker spot prices .................................................................................................................................................. 5 Oil product spot prices ........................................................................................................................................................ 6 Crude oil import costs

- in USD/barrel .......................................................................................................................................................... 8 - by type of crude in USD/barrel ............................................................................................................................. 10

Natural gas import costs - natural gas pipeline import prices into Europe in USD/MBtu .............................................................................. 14 - natural gas pipeline import prices into Europe in national currency/MBtu .......................................................... 16 - LNG import prices into Europe in USD/MBtu ..................................................................................................... 18 - LNG import prices into Europe in national currency/MBtu ................................................................................. 20 - LNG import prices into Japan and Korea in USD/MBtu ...................................................................................... 22 - LNG and natural gas import prices into the United States in USD/MBtu ............................................................ 24 - LNG import prices into Japan and Korea in national currency/MBtu .................................................................. 26

Steam coal import costs - by importing country in USD/tonne ..................................................................................................................... 28 - EU Member States - import costs in USD/tonne and shares in imports from non EU countries .......................... 29 - Japan - import costs in USD/tonne and shares in imports by origin ..................................................................... 30

Coking coal import costs - by importing country in USD/tonne ..................................................................................................................... 31 - EU Member States - import costs in USD/tonne shares in imports from non-EU countries ................................ 32 - Japan - import costs in USD/tonne and shares in imports by origin ..................................................................... 33

Steam coal and coking coal export prices - steam coal and coking coal export prices ............................................................................................................. 34 - Australian steam coal export prices by destination in USD/tonne ........................................................................ 35 - US steam coal export prices by destination in USD/tonne ................................................................................... 36 - Australian coking coal export prices by destination in USD/tonne ...................................................................... 37 - US coking coal export prices by destination in USD/tonne .................................................................................. 38

Notes on definitions and regulations - for oil imports ....................................................................................................................................................... 39 - for natural gas ....................................................................................................................................................... 41 - for coal trade ......................................................................................................................................................... 42

Part II: Energy End-Use Prices in OECD Countries General note on definitions, methods and sources ........................................................................................................... 46

A. Indices Indices of real energy prices for end-users ............................................................................................................. 56 Indices of nominal energy prices for end-users ...................................................................................................... 63 Consumer price index ............................................................................................................................................. 70

iv - ENERGY PRICES & TAXES, 2nd Quarter 2011


Producer price index ............................................................................................................................................... 71 CPI energy .............................................................................................................................................................. 72

B. Energy end-use prices, taxes and price indices in national currencies Australia .................................................................................................................................................................. 74 Austria ..................................................................................................................................................................... 80 Belgium ................................................................................................................................................................... 89 Canada .................................................................................................................................................................... 96 Chile ...................................................................................................................................................................... 103 Czech Republic ..................................................................................................................................................... 107 Denmark ............................................................................................................................................................... 115 Estonia .................................................................................................................................................................. 124 Finland .................................................................................................................................................................. 129 France ................................................................................................................................................................... 138 Germany ............................................................................................................................................................... 147 Greece ................................................................................................................................................................... 156 Hungary ................................................................................................................................................................ 163 Ireland ................................................................................................................................................................... 169 Israel ..................................................................................................................................................................... 176 Italy ....................................................................................................................................................................... 181 Japan ..................................................................................................................................................................... 189 Korea..................................................................................................................................................................... 196 Luxembourg .......................................................................................................................................................... 202 Mexico .................................................................................................................................................................. 209 Netherlands ........................................................................................................................................................... 214 New Zealand ......................................................................................................................................................... 223 Norway ................................................................................................................................................................. 231 Poland ................................................................................................................................................................... 239 Portugal ................................................................................................................................................................. 247 Slovak Republic .................................................................................................................................................... 254 Slovenia ................................................................................................................................................................ 260 Spain ..................................................................................................................................................................... 265 Sweden .................................................................................................................................................................. 273 Switzerland ........................................................................................................................................................... 283 Turkey ................................................................................................................................................................... 292 United Kingdom ................................................................................................................................................... 299 United States ......................................................................................................................................................... 307

C. Taxation of energy prices Percentage of taxes in end-use prices - for heavy fuel oil................................................................................................................................................ 316 - for light fuel oil .................................................................................................................................................. 319 - for automotive diesel ......................................................................................................................................... 321 - for gasoline ........................................................................................................................................................ 323 - for automotive LPG ........................................................................................................................................... 327 - for natural gas .................................................................................................................................................... 329 - for steam coal..................................................................................................................................................... 332 - for electricity ..................................................................................................................................................... 333 Indices of real tax component in end-use prices - for automotive diesel ......................................................................................................................................... 335 - for gasoline ........................................................................................................................................................ 337

D. Energy end-use prices in USD/unit converted using USD exchange rates in national currencies - USD exchange rates in national currencies ....................................................................................................... 342 - for heavy fuel oil................................................................................................................................................ 343 - for light fuel oil .................................................................................................................................................. 346 - for automotive diesel ......................................................................................................................................... 348 - for gasoline ........................................................................................................................................................ 350 - for automotive LPG ........................................................................................................................................... 354 - for natural gas .................................................................................................................................................... 356

ENERGY PRICES & TAXES 2nd Quarter 2011 - v


- for coal ............................................................................................................................................................... 359 - for electricity .................................................................................................................................................... 362

E. Energy end-use prices in USD/toe converted using exchange rates - for heavy fuel oil ............................................................................................................................................... 366 - for light fuel oil .................................................................................................................................................. 369 - for automotive diesel ........................................................................................................................................ 371 - for gasoline ........................................................................................................................................................ 373 - for natural gas .................................................................................................................................................... 377 - for coal ............................................................................................................................................................... 380 - for electricity .................................................................................................................................................... 383

F. Energy end-use prices in USD/unit converted using purchasing power parities - purchasing power parities .................................................................................................................................. 386 - for heavy fuel oil ............................................................................................................................................... 387 - for light fuel oil .................................................................................................................................................. 390 - for automotive diesel ........................................................................................................................................ 392 - for gasoline ........................................................................................................................................................ 394 - for automotive LPG ........................................................................................................................................... 398 - for natural gas .................................................................................................................................................... 400 - for coal ............................................................................................................................................................... 403 - for electricity ..................................................................................................................................................... 406

Part III: Energy End-Use Prices in Non-OECD Countries A. Energy end-use prices, taxes and price indices in national currencies

Bulgaria ................................................................................................................................................................ 412 China, Peoples Republic of ................................................................................................................................ 416 Chinese Taipei ...................................................................................................................................................... 420 Croatia ................................................................................................................................................................... 426 Cyprus ................................................................................................................................................................... 430 Ghana .................................................................................................................................................................... 435 India ...................................................................................................................................................................... 437 Indonesia ............................................................................................................................................................... 444 Kazakhstan ............................................................................................................................................................ 446 Latvia .................................................................................................................................................................... 451 Lithuania ............................................................................................................................................................... 455 Malta ..................................................................................................................................................................... 459 Romania ................................................................................................................................................................ 463 Russian Federation ................................................................................................................................................ 469 Singapore .............................................................................................................................................................. 475 South Africa .......................................................................................................................................................... 477 Thailand ................................................................................................................................................................ 483

B. Energy end-use prices in USD General notes on sources and methods ................................................................................................................. 488 USD exchange rates in national currencies ........................................................................................................... 490 End-use prices in USD/unit - for heavy fuel oil................................................................................................................................................ 491 - for light fuel oil .................................................................................................................................................. 493 - for automotive diesel ......................................................................................................................................... 495 - for gasoline ........................................................................................................................................................ 497 - for natural gas .................................................................................................................................................... 500 - for coal ............................................................................................................................................................... 503 - for electricity ..................................................................................................................................................... 506

vi - ENERGY PRICES & TAXES, 2nd Quarter 2011


ABBREVIATIONS AND CONVENTIONS USED IN THE TABLES AND NOTES

bbl: barrel Btu: British thermal unit CHP: combined heat and power CIF: Cost insurance freight cst: centistokes EU Member States: EU-27 starting in January 2007.

EU-25 from May 2004 to December 2006. EU-15 prior to May 2004. Regional averages include only those countries where information is available for that quarter and year.

EU27: Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, the Slovak Republic, Slovenia, Spain, Sweden and the United Kingdom

EMU: Economic and Monetary Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, the Slovak Republic, Slovenia and Spain

FOB: Free on Board GCV: gross calorific value GJ: gigajoule GST: goods and services tax HFO: heavy fuel oil HSFO: high sulphur fuel oil IEA: Includes IEA Europe, IEA Asia and Oceania,

and IEA North America. IEA Europe: Includes Austria, Belgium, the Czech

Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey and the United Kingdom.

IEA Asia and Oceania: Includes Australia, Japan, Korea and New Zealand.

IEA North America: Includes Canada and the United States.

kcal: kilocalorie kg: kilogramme kl: kilolitre (= 1 m3)

kV: kilovolt kVA: kilovolt-ampere kW: kilowatt kWh: kilowatt hour LFO: light fuel oil LSFO: low sulphur fuel oil m3: cubic metre (= 1 kl = 1000 litres) MON: motor octane number Mt: million tonnes MWh: megawatt hour NCV: net calorific value OECD: Includes OECD Europe, OECD Asia and

Oceania, and OECD Americas. OECD Americas: Includes Canada, Chile, Mexico and

the United States. OECD Asia and Oceania: Includes Australia, Israel,

Japan, Korea and New Zealand. OECD Europe: Includes Austria, Belgium,

the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland (not included in this publication), Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey and the United Kingdom.

PON: pump octane number (= arithmetic average of RON and MON)

RdON: road octane number (equivalent to PON) RON: research octane number st: short tonne t: tonne = metric ton tce: tonne of coal equivalent toe: tonne of oil equivalent = 107 kcal USD: United States dollar VAT: value added tax .. not available, i.e. consumption and/or taxes

usually exist but data are not available - nil x not applicable c confidential

ENERGY PRICES & TAXES, 2nd Quarter 2011 - vii


INTRODUCTION

Following the need identified by IEA Energy Ministers for improved information on national and international energy markets, the Standing Group on Long-Term Co-operation of the IEA initiated a quarterly price and tax reporting system in early 1981.

Unless specified otherwise, prices and taxes are pre-sented in national currencies. Economic and Monetary Union (EMU) countries are presented in Euro. For more detailed information, please refer to the General notes on definitions, methods and sources, page 46.

Chile became a member country of the OECD with ef-fect from 7 May 2010, Slovenia from 21 July 2010, Israel from 7 September 2010 and Estonia from 9 December 2010. Data for Chile, Slovenia, Israel and Estonia have been included in OECD totals and are shown in the OECD countries section of the book start-ing with the first quarter 2011 edition.

While considerable efforts have been made to ensure comparability, definitions of energy sources and sectors may vary. Gasoline prices are closely comparable be-tween countries while only broad order of magnitude comparisons between coal prices are possible. Please see the general notes at the end of Part I (import prices) and the individual country notes in Part II.B (OECD countries) and Part III.A (non-OECD countries).

Data are collected and compiled by the Energy Statistics Division (ESD) headed by Mr. Jean-Yves Garnier. The IEA would like to thank and acknowledge the dedication and professionalism of the statisticians working on en-ergy data in the countries. Ms. Karen Tranton and Mr. Jan Kubt have overall production and editorial respon-sibility, with the help of Mr. Aidan Kennedy. Coal im-port and export prices are the responsibility of Mr. Robert Schnapp with the help of Mr. Frederic Genest.

Natural gas and LNG import prices are the responsibility of Ms. Mieke Reece with the help of Ms. Laura Thom-son. Ms. Sharon Burghgraeve provided desktop publishing support.

Energy Prices & Taxes is organised as follows:

One or more Feature Articles covering price-related energy issues.

Recent energy price developments includes an over-view of the recent price trends, summary data and graphs.

Part I presents crude and oil product spot market prices and crude oil, coal and natural gas import and export costs.

Part II includes total real energy indices, individual OECD country end-use prices and taxes for fossil fuels in the industry, household and electricity generation sec-tors, electricity for households and industry, as well as summary tables for international comparisons.

Part III presents detailed end-use prices and taxes for selected non-OECD countries, as well as summary tables for 24 central and Latin America countries (reproduced with the permission of OLADE).

In addition, a data service is available on the internet. It includes unlimited access through an annual subscription as well as the possibility to obtain data on a pay-per-view basis. Details are available at www.iea.org.

All enquiries relating to methodology or coverage should be addressed to [email protected].

OECD/IEA, 2011

viii - ENERGY PRICES & TAXES, 2nd Quarter 2011


Catalogue of Feature Articles*

Feed-in tariffs in selected EU countries, Jan Kubat and Aidan Kennedy, 1st Quarter 2011

Energy Prices and Taxes in Turkey, Miika Tommila, 4th Quarter 2010

Projected Costs of Generating Electricity, Mara Sicilia Salvadores and Jan Horst Keppler, 2nd Quarter 2010

The Evolution of Gas Prices, Anne-Sophie Corbeau, 1st Quarter 2010

The Importance of Demand-Side Efficiency Improvements in the Electricity Sector, Climate Change Unit, 1st Quarter 2010

Comparison of Transport Fuels, Pierpaolo Cazzola, 4th Quarter 2009

Evolution of Coal Prices in China, Brian Ricketts and Prof. Nobuhiro Horii, 3rd Quarter 2009

The Electricity Market in Indonesia, Brett Jacobs, 1st Quarter 2009

Natural Gas Market Review 2008 Recent Events, Energy Diversification Division, 4th Quarter 2008

Market Reforms and Regulation in the Western Balkans, Tim Gould, 3rd Quarter 2008

Energy Prices and Taxes in the United States, Andreas Biermann, 1st Quarter 2008

Energy Prices and Taxes in Switzerland, Miika Tommila, 4th Quarter 2007

Refining Activity and Economics, Dave Martin, 3rd Quarter 2007

LNG Markets, Hiroshi Hashimoto, 2nd Quarter 2007

Power Generation Diversification for Efficiency, Reliability and Sustainability, Franois Nguyen, 2nd Quarter 2007

The Impact of Higher Energy Prices on Demand, Trevor Morgan and Hideshi Emoto, 1st Quarter 2007

Energy Prices, Tariffs, Taxes and Subsidies in Ukraine, Meredydd Evans, 4th Quarter 2006

Lights Labours Found: The Impact of Current and Future Policies, Paul Waide, 4th Quarter 2006

Towards More Efficient Pricing and Investment in Chinas Power Sector, Caroline Varley, 3rd Quarter 2006

Renewable Energy: RD&D Priorities, Renewable Energy Unit, 2nd Quarter 2006

Resources to Reserves: The Oil Price Effect, Christian Besson, 2nd Quarter 2006

The Importance of Price Signals in Liberalised Electricity Markets, Ulrik Stridbaek, 1st Quarter 2006

Pricing and Taxation-Related Policies to Save Oil in the Transport Sector, Lew Fulton and Robert Noland, 4th Quarter 2005

Automotive Fuel Taxation and Autogas Consumption, Trevor Morgan, 3rd Quarter 2005

Impact of Carbon Emission Trading on Electricity Generation Costs, Julia Reinaud, 2nd Quarter 2005

Achieving Efficient Price Signals in Russian Electricity Markets, Doug Cooke and Isabel Murray, 2nd Quarter 2005

Biofuel Costs and Market Impacts in the Transport Sector, Lew Fulton, 1st Quarter 2005

LNG Cost Reductions and Flexibility in LNG Trade Add to Security of Gas Supply, Sylvie Cornot-Gandolphe, 1st Quarter 2005

Renewable Energy Cost Developments for Electricity Generation, Renewable Energy Unit, 4th Quarter 2004

Steam and Coking Coal Prices, Larry Metzroth, 3rd Quarter 2004

Analysis of the Impact of High Oil Prices on the Global Economy, Economic Analysis Division, 2nd Quarter 2004

Thirty Years of Energy Prices and Savings, Fridtjof Unander, 1st Quarter 2004

* Please see the web page http://wds.iea.org/WDS/reportfolders/ReportFolders.aspx to download feature articles from our archives.

ENERGY PRICES & TAXES, 2nd Quarter 2011 - ix


RECENT ENERGY PRICE DEVELOPMENTS

AND SUMMARY DATA

ENERGY PRICES & TAXES, 2nd Quarter 2011 - xi


RECENT ENERGY PRICE DEVELOPMENTS

SPOT PRICES1

Crude oil Spot crude oil prices jumped 10-15% in March amid mounting unrest in the Middle East and North Africa, de-spite a seasonal drop in global refinery output. In line with the loss of Libyas light, low-sulphur crude, prices for middle distillate-rich crudes far outpaced gains for heavier grades. Spot prices for West Texas Intermediate (WTI) posted the largest monthly increase amongst benchmark crudes, in part due to relatively low crude oil stocks in the key US Gulf Coast refining centre and despite stocks at the Cushing, Oklahoma storage terminals reaching record levels. Month-on-month, Dated Brent rose by 10.4% to USD 114.60/bbl, while benchmark WTI increased 15.0% or USD 13.42/bbl to USD 102.99/bbl. By contrast, Mid-dle East benchmark Dubai was up a more modest 8.4% to USD 108.71/bbl as demand for heavier, sourer crudes waned.

Crude prices continued their upward trajectory in April posting their seventh monthly increase in a row, with benchmark crudes up 6.5-8% on average for the month.

Although the loss of Libyan crude had supported strong premiums for middle distillate and gasoline-rich crudes in March, by April, refiners especially in Asia and Europe, began shunning the high-priced lighter crudes, given exceptionally poor margins. Refiners opted instead to either maintain lower throughput rates after complet-ing maintenance work, or to switch to more competi-tively priced heavier, sourer crudes where possible. Average monthly prices for WTI rose USD 6.91/bbl, or 6.7% to USD 109.89/bbl. Dated Brent posted a sharper gain, climbing USD 8.89/bbl to USD 123.49/bbl, while Dubai rose USD 7.30/bbl to USD 116.00/bbl.

As part of a wider commodities sell-off, spot crude oil prices fell sharply during the first week of May, finish-ing the week down 5-6% on average. Prices remained lower for the remainder of May, finishing the month down 7-8% on average. This was a sharp reversal of the trend so far this year, as average spot prices had in-creased for seven months in a row. Month-on-month, average prices for benchmark WTI posted the sharpest loss, falling 7.9% to USD 101.22/bbl, while Dated Brent lost 7.2%, declining USD 8.93/bbl to USD 114.55/bbl. Dubai showed the smallest loss, slipping 6.6% to USD 108.38/bbl.

Figure 1. Crude oil spot market prices*1 USD/bbl

* Monthly averages, from January 1982 to June 2011

Key point: After hitting a floor of just over USD 40/bbl between Dec 2008 and Feb 2009, crude prices recovered and oscillated in the range of USD 70/bbl USD 90/bbl in 2010. In the first half of 2011, prices rose sharply, reaching levels not seen since mid 2008. 1. Spot price analysis is based on the IEA's Oil Market Report. For more information, please visit the website www.oilmarketreport.org.

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xii - ENERGY PRICES & TAXES, 2nd Quarter 2011


Oil products Spot prices for middle distillates managed to keep pace with the rapid rise in crude oil markets during March, largely spurred on by sharply lower refinery output dur-ing the seasonal turnaround period, and in spite of healthy OECD stock levels. As a result, March refined product crack spreads for gasoil, diesel and kerosene strengthened in Europe and Singapore. The loss of Libyas distillate-rich light, sweet crude also helped buoy crack spreads in Europe and Asia. By contrast, fuel oil cracks were down in all major markets on ample sup-ply, and despite the demand pull deriving from extra Asian demand. In Rotterdam, month-on-month premium unleaded gasoline rose 11.2% to USD 120.32/bbl, gasoil also increased 11.2% to USD 128.90/bbl, while LSFO gained 14.2% to USD 103.18/bbl.

Spot product prices increased smartly in April, espe-cially for light ends such as gasoline and naphtha, as

reduced refiner output led to a tightening of supplies. However, the rise in spot crude prices outpaced gains in refined products and as a result cracks spreads were largely weaker month-on-month, with the exception of gasoline in all major markets and naphtha in Europe. In Rotterdam, premium unleaded gasoline rose by 9.9% month-on-month to USD 132.26/bbl, gasoil gained 5.3% to USD 135.69/bbl and LSFO climbed 7.6% to USD 111.03/bbl.

Spot product prices fell in May following the un-precedented decline in spot crude prices during the first week of the month, which saw crude future prices post their largest ever one day loss. However, crack spreads later saw a recovery as the fall in refined product prices lagged that of crude. In Rotterdam, month-on-month premium unleaded gasoline fell by 2.9% to USD 128.39/bbl, gasoil declined 8.6% to USD 124.04/bbl and LSFO slipped a slightly steeper 8.7% to USD 101.40/bbl.

Figure 2. Rotterdam spot market oil product prices*

USD/bbl

* Monthly averages, from January 1982 to June 2011

Key point: Oil product spot prices rallied too, with average gasoil prices of USD 128/bbl in June 2011, having peaked in April 2011.

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ENERGY PRICES & TAXES, 2nd Quarter 2011 - xiii


IMPORT COSTS

Crude oil Import costs (USD/barrel)

Crude oil import costs increased in all major IEA member countries, with a total IEA average rise of 18.7% over fourth quarter 2010 levels. Year on year, average costs in IEA member countries rose by 29.6%, with all major countries reporting increases within the range of 24.2% (the United States) to 36.1% (the United Kingdom).

Index of real crude oil import costs (in national currencies, 2005=100)

The national currency index of crude oil import costs (cur-rent price deflated using the country-specific producer price index) in IEA member countries increased by 15.1% on average during the first quarter of 2011, with the largest increases recorded in Germany (17.6%) and Japan (16.3%) Year on year, the national currency index for IEA countries was up 19.4% on average, with the largest increase recorded in France (28.9%), while costs in the United States (16.9%) rose the least.

Table 1. Crude oil import costs in USD/bbl

IEA Europe France Germany Italy1Q2009 42.7 43.7 44.7 44.2 42.82Q2009 56.9 57.8 58.9 57.9 57.03Q2009 68.4 68.5 69.2 68.6 68.44Q2009 74.4 74.7 75.1 74.7 74.31Q2010 76.4 76.6 77.2 76.6 76.52Q2010 77.5 77.3 78.5 76.5 77.63Q2010 75.2 76.5 77.5 75.6 76.54Q2010 83.4 85.7 87.1 84.7 86.01Q2011 99.0 103.3 104.4 102.3 103.3Percent change 1Q2011 from 1Q2010 +29.6 +34.9 +35.2 +33.6 +35.04Q2010 +18.7 +20.5 +19.9 +20.8 +20.1 Japan Korea Spain UK USA1Q2009 44.2 43.6 42.8 44.6 40.42Q2009 55.1 56.9 57.0 59.0 56.53Q2009 70.8 69.9 67.5 69.3 66.64Q2009 75.6 75.4 74.2 75.5 72.81Q2010 77.8 77.1 74.9 77.8 75.22Q2010 80.9 80.1 75.9 78.9 75.43Q2010 75.4 74.8 75.4 78.5 73.54Q2010 83.4 82.7 84.7 87.4 80.31Q2011 98.5 99.4 101.3 105.9 93.4Percent change 1Q2011 from 1Q2010 +26.6 +28.9 +35.2 +36.1 +24.24Q2010 +18.1 +20.2 +19.6 +21.2 +16.3

Figure 3. Nominal and real crude oil import costs (Total IEA)

USD/bbl

* Monthly averages, from January 1980 to March 2011

Key point: In real terms, crude oil import costs rose to an all-time high in July 2008, before falling sharply to 2005 levels later in the year. In March 2011, prices again exceeded USD 100/bbl after 30 months.

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xiv - ENERGY PRICES & TAXES, 2nd Quarter 2011


Coal After reaching an historic peak in July 2008, coal spot prices then fell sharply in response to the economic cri-sis, and continued falling into mid 2009, before rebound-ing on the back of strong demand from China and to a lesser extent, from India. Many factors contributed to higher coal spot prices in the first half of 2008. Supply was tight during a period of unprecedented global de-mand growth. Unforeseen events in late 2007 and early 2008 such as the flooding of mines in Australia and a temporary halt to Chinese coal exports added to this tightness. By the second half of 2009, strong demand for steel and electricity in China led again to tighter interna-tional markets for iron ore, coking coal, coke and steam coal. Shipping rates, although volatile, recovered from the low reached in December 2008.

Across the OECD, steam coal demand weakened during 2009 with strong competition from natural gas in a shrinking electricity market. Iron and steel production slumped in Japan, the European Union and the United States, but driven by strong steel demand resulting from

Chinas economic stimulus package, coking coal imports increased.

In fact, China became a net coal importer for the first time in 2009, importing over 100 million tonnes. This signifi-cant new demand for steam and coking coal, which con-tinued strongly in the first half of 2010, has helped to underpin coal prices in all the principal coal exporting countries, but particularly in the Pacific market, which still continues to trade at a premium when compared to Europe, as has been the case for the last few years.

Steam coal average CIF import costs (USD/tonne) In the fourth quarter of 2010, average steam coal import costs for OECD countries increased by 4.7% over the third quarter of 2010. The largest increase occurred in Germany (+15.2%), while Italy (-4.3%) and Spain (-0.9%) showed the only drops among the major OECD importing countries. Year on year, steam coal import costs in OECD countries increased on average by 17.5%, with Japan and Spain (both +25.5%) leading the in-creases, while Italy was the only major importer to show a decrease, with prices down a marginal 0.2%.

Figure 4. Index of nominal coal import costs into the European Union and Japan in USD* 2005 = 100

* Quarterly averages, from 1Q1980 to 4Q2010

Key point: After a sharp decline in 2009, coal prices rebounded in 2010, with both EU and Japanese prices increasing in every quarter bar the fourth, during which Japanese coking coal prices declined marginally.

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ENERGY PRICES & TAXES, 2nd Quarter 2011 - xv


Comparison of import costs A historical comparison of the import costs of fuels on an energy-equivalent basis shows that in general, crude oil is the most expensive fossil fuel, followed by natural gas, and lastly by coal.

During the late 1980s and 1990s, IEA import costs of crude oil principally fluctuated within a range of USD 80 to 170/toe, while import costs of steam coal oscillated around USD 70/toe. Coal prices changed little in the late 1990s, while the price of oil (and to a lesser extent the price of natural gas) began to soar. At the end of 2000, oil prices dipped briefly. However, in 2002 they began to rise once again, increasing dramatically from 2005 and hitting an unprecedented peak in mid-2008. Average import costs of crude oil in the third quarter of 2008 reached USD 846/toe, double what they were three years earlier. During the same period, import costs of pipeline gas and liquefied natural gas also doubled. Pipeline gas prices reached their peak in the third quarter of 2008 (USD 474/toe) and LNG one quarter later at USD 399/toe. Coal import costs also peaked in the fourth quarter at USD 219/toe, increasing 111% over their fourth quarter 2005 levels. In 2009, import costs of fossil fuels decreased significantly, following the dramatic drop in fuel prices. Natural gas prices reached their lowest levels in the third quarter of 2009, while steam coal prices continued to de-cline until the first quarter of 2010. Crude oil prices fell

the most (to USD 306/toe) in the first quarter of 2009, however, they later showed the strongest recovery. After a slight dip in the first quarter of 2010, crude oil prices have risen steadily since then, reaching USD 710/toe in the first quarter of 2011.

IEA import costs of crude oil hovered around 200% of those of steam coal, on an energy-equivalent basis, dur-ing the late 1980s and 1990s. Rising crude oil prices in turn pushed crude import costs higher from 1999, so that by 2000 they were nearly four times those of steam coal and twice those of natural gas. Following this, the crude oil premium over natural gas import costs decreased to approximately 50%, while that over coal import prices remained at around 200%. As crude oil prices soared from 2005-2008, crude oils premium over steam coal and gas again increased, with crude oil costs peaking at 4.8 times that of steam coal in the third quarter of 2006 and 1.9 times that of pipeline natural gas in the second quarter of 2007. When crude oil prices dropped sharply in the last quarter of 2008 and the first quarter of 2009, their import cost premium over coal fell to just 76%, and crude oil imports actually became cheaper than pipeline gas and LNG imports by 20% and 11%, respectively. However, this turnaround was short-lived as a positive premium over natural gas was re-established in the sec-ond quarter of 2009. In the fourth quarter of 2010, crude oil imports were on average 3.5 times that of steam coal, 1.75 times that of pipeline gas and twice that of LNG.

Figure 5. Crude oil, natural gas and steam coal import costs* USD/toe

* Quarterly averages, from 1Q1985 to 1Q2011 ** Average natural gas import costs for EU member states. Weighted average based only on imports for which costs are available.

Key point: Although crude oil import costs briefly fell below the costs of natural gas in the first quarter of 2009, they rebounded in the second quarter of 2009 and have continued to increase almost without interruption since then.

0

150

300

450

600

750

900

1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011Crude oil (IEA CIF import cost) Steam coal (OECD CIF import cost)Natural gas** (Pipeline) Liquefied natural gas** (LNG)

xvi - ENERGY PRICES & TAXES, 2nd Quarter 2011


END-USE PRICE INDICES (2005 = 100)

All indices in this section are constant or real price indi-ces. Real price indices are calculated using the Paasche method and deflated using the country-specific producer price index (industrial sector) and the consumer price index (household sector).

Total energy The OECD total energy end-use price index (a combined industry and household index including oil products, coal, natural gas and electricity) increased by 4.8% dur-ing the first quarter of 2011, with the largest increase occurring in Finland (+7.9%) and the biggest drop in Norway (-3.7%). Year on year, the index for total OECD countries rose by 7.5%, with the highest increases in Greece (+19.2%) and Spain (+11.0%).

Industry The OECD industry real price index increased by 4.4% during the first quarter of 2011, with the largest increases occurring in France (+8.1%) and Finland (+7.9%). Year on year, the index went up by 5.9% with Portugal posting the greatest rise (+14.4%) and Norway (-17.1%) the greatest decrease.

Households During the first quarter of 2011 the real energy price index for households in OECD countries increased by 5.2% compared to the previous quarter, with Greece (+8.5%) showing the largest increase. Year on year, the OECD index climbed 9.1%. The sharpest increases occurred in Greece (+22.3%) and Finland (+13.4%), while Norway (-0.7%) and Turkey (-0.3%) saw the greatest decreases.

Table 2. End-use price index for industry (2005=100)

OECD Europe

Asia Oceania

Americas

1Q2009 101.2 107.7 114.8 89.1 2Q2009 99.3 107.8 110.6 86.2 3Q2009 100.3 107.6 109.3 89.3 4Q2009 102.2 108.9 109.5 92.5 1Q2010 104.5 111.5 108.5 95.7 2Q2010 105.4 113.6 111.8 94.5 3Q2010 105.2 112.8 112.1 94.7 4Q2010 106.0 114.3 111.0 95.6 1Q2011 110.7 118.3 114.2 101.6 Percent change 1Q2011 from 1Q2010 +5.9 +6.1 +5.3 +6.24Q2010 +4.4 +3.5 +2.9 +6.3

Table 3. End-use price index for households (2005=100)

OECD Europe

Asia Oceania

Americas

1Q2009 95.3 108.4 97.6 88.5 2Q2009 101.8 110.5 100.8 97.8 3Q2009 106.3 110.4 102.5 105.0 4Q2009 103.3 109.3 102.9 100.6 1Q2010 104.7 112.2 102.1 101.6 2Q2010 109.0 114.6 104.7 107.1 3Q2010 109.9 115.2 105.5 108.2 4Q2010 108.6 115.5 103.8 106.2 1Q2011 114.2 119.6 108.1 112.8 Percent change 1Q2011 from 1Q2010 +9.1 +6.6 +5.9 +11.04Q2010 +5.2 +3.5 +4.1 +6.2

Figure 6. Total energy real end-use price index for industry and households 2005 = 100

Key point: Consumer prices fell dramatically between the third quarter of 2008 and the first quarter of 2009. After rising over the next few quarters, prices plateaued after the second quarter of 2010, before rising again in 2011.

60

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80

90

100

110

120

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140

1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012OECD Total

ENERGY PRICES & TAXES, 2nd Quarter 2011 - xvii


Heavy fuel oil for industry During the first quarter of 2011, the overall OECD in-dustry index for heavy fuel oil went up by 14%, with the United States (+19.9%) and Japan (+17.8%) reporting the largest increases. Year on year, the overall index in-creased 14.2%, with the largest increase occurring in the Slovak Republic (+36.6%), while New Zealand (-7.5%) and Mexico (-2.3%) declined the most.

Figure 7. Index of HFO end-user prices 2005=100

Light fuel oil

Industry

The index for light fuel oil (middle distillates) used for industry and manufacturing rose by 12.2% during the first quarter of 2011. The largest increase occurred in Finland (+21.7%). Compared with the previous year, the OECD price index increased by 21.2%. The largest in-creases occurred in the Slovak Republic (+61.2%) and Finland (+37.0%). There was no decrease in the index for any OECD country other than Norway (-8.5%).

Figure 8. Index of LFO end-user prices

2005=100

Households

During the first quarter of 2011, the total OECD light fuel oil real price index for households increased by 13.4%. The sharpest increases in the index occurred in Finland (+24.0%) and Greece (+17.8%). Year on year, the index for total OECD countries increased by 24.3%, with prices rising most in Finland (+45.8%) and Slovenia (+30.3%). Norway (-1.3%) was the only OECD country that saw a decrease in the index.

Automotive diesel

Commercial use

During the first quarter of 2011, the commercial price index for automotive diesel increased by 7.8% in OECD countries, led by increases in New Zealand (+12.1%) and the United States (+11.6%). Year on year, the total OECD index rose by 13.7%. The United States showed the sharpest increase (+19.7%), followed by New Zealand (+19.6%). Norway (-8.5%) was the only OECD country to experience a decline in prices.

Non-commercial use

The OECD index for the non-commercial use of automo-tive diesel (private vehicles) increased by 10.1% during the first quarter of 2011. New Zealand (+14.3%) and the United States (+13.7%) showed the strongest increases, while only prices in Norway (-7.0%) declined. Overall, the index for OECD countries was 18.2% higher year on year, with Greece (+25.9%) and the United States (+24.5%) showing the sharpest increases. Again, only Norway (-1.3%) recorded a drop in prices.

Figure 9. Index of diesel end-user prices 2005=100

30

70

110

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190

1980 1985 1990 1995 2000 2005 2010Industry

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180

1980 1985 1990 1995 2000 2005 2010Industry Households

50

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150

1980 1985 1990 1995 2000 2005 2010

Industry Households

xviii - ENERGY PRICES & TAXES, 2nd Quarter 2011


Unleaded gasoline The unleaded gasoline real price index in OECD coun-tries rose by 10.3% during the first quarter of 2011. The largest rises were recorded in the Canada (+13.7%) and the United States (+12.6%), while Norway (-3.5%) showed the only decrease. Year on year, the index for OECD countries rose by +15.4% over first quarter 2010 levels, with Greece (+28.0%) and the United States (+18.8%) leading the increases, while only Norway (-1.4%) declined.

Figure 10. Index of gasoline end-user prices 2005=100

Natural gas Industry The OECD natural gas real price index for industry rose by 1.2% during the first quarter of 2011, lead by in-creases in Finland (+21.9%) and the United States (+8.0%), while the Czech Republic (-11.1%) recorded the largest decrease. Year on year the index was down (-7.1%), with the sharpest drops occurring in the United States (-17.3%) and Slovenia (-6.5%). Finland (+29.1%) and Ireland (+14.9%) showed the biggest increases.

Households The natural gas household real price index decreased by 1.9% in the first quarter of 2011, with the United States (-5.2%) and Poland (-5.0%) showing the largest decreas-es, while Finland (+22.1%) showed the strongest in-crease. Year on year, the OECD index was up 0.4%, with the most significant increases occurring in Finland (+32.8%) and Greece (+16.2%). The largest annual falls occurred in the United States (-6.3%), Turkey (-3.8%) and Austria (-2.9%).

Figure 11. Index of natural gas end-user prices

2005=100

Coal for industry

The total OECD real price index for steam and coking coal end-user prices decreased in average by 0.4% dur-ing the first quarter of 2010. The Turkish index showed the greatest drop (-3.4%), while Switzerland (+15.9%) showed the sharpest increase. Compared to the first quarter of 2010, the OECD index was up 6.2%, led by gains in Finland (+31%) and Switzerland (+20.9%), while Turkey (-4.5%) recorded the most significant decrease.

Figure 12. Index of coal end-user prices

2005=100

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150

1980 1985 1990 1995 2000 2005 2010Households

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120

140


50

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190


ENERGY PRICES & TAXES, 2nd Quarter 2011 - xix


Electricity Industry During the first quarter of 2011, the OECD electricity index for industry decreased by 0.8%. The index for Ireland showed the greatest drop (-29.7%), followed by Denmark (-8.5%). While France (+13.8%) reported the greatest increase, followed by Switzerland (+9.6%). Year on year, the OECD index was down 3.4% from its first quarter 2009 level, lead by falls in Ireland (-27.5%), Norway (-24.7%) and Denmark (-13.3%). Switzerland (+10.0%) and Japan (+1.5%) showed the largest year on year increases.

Households The OECD electricity real price index for households decreased by 1.7% in the first quarter of 2011. Prices in the United States showed the sharpest decrease (-4.3%), followed by Ireland (-3.0%). While prices in Mexico (+10.0%) and Finland (+8.5%) increased the most. Year on year, the OECD index increased by 0.5%, with the

sharpest increases were reported in Finland (+14.1%) and the Slovak Republic (+6.2%). While the greatest year on year declines were recorded in Italy (-5.8%) and the United Kingdom (-5.1%).

Figure 13. Index of electricity end-user prices

2005=100

80

90

100

110

120

130

140

150


xx - ENERGY PRICES & TAXES, 2nd Quarter 2011

50

70

90

110

130

150

170

190

1Q19

85

1Q19

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1Q19

87

1Q19

88

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1Q20

07

1Q20

08

1Q20

09

1Q20

10

1Q20

11

1Q20

12

2005

=100

Figure 14 - Indices of real energy end-use prices *

150

170

OECD Europe

OECD Total


* Quarterly averages

50

70

90

110

130

150

1Q19

85

1Q19

86

1Q19

87

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10

1Q20

11

1Q20

12

2005

=100

Electricity Natural Gas Coal Oil Products Total Energy


ENERGY PRICES & TAXES, 2nd Quarter 2011 - xxi

40

60

80

100

120

140

160

1Q19

85

1Q19

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1Q20

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1Q20

08

1Q20

09

1Q20

10

1Q20

11

1Q20

12

2005

=100

Figure 15 - Indices of real energy end-use prices *

210

240

Japan

United States


* Quarterly averages

30

60

90

120

150

180

210

1Q19

85

1Q19

86

1Q19

87

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92

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00

1Q20

01

1Q20

02

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1Q20

04

1Q20

05

1Q20

06

1Q20

07

1Q20

08

1Q20

09

1Q20

10

1Q20

11

1Q20

12

2005

=100

Electricity Natural Gas Coal Oil Products Total Energy


xxii - ENERGY PRICES & TAXES, 2nd Quarter 2011

TAXES AND DUTIES

Households

LFO3Auto

dieselUnleaded gasoline4

Natural gas

Steam coal Electr. LFO

3 Auto diesel

Unleaded gasoline4

Natural gas Steam coal Electr.

Australia .. 10.0 10.0 .. .. .. .. 0.381 0.381 .. .. ..

Austria 20.0 20.0 20.0 20.0 .. 20.0 109.2 0.437 0.525 69.34 .. 0.0212

Belgium 21.0 21.0 21.0 21.0 12.0 21.0 18.49 0.409 0.614 25.96 - 0.0172

Canada 5.0 .. 5.0 5.0 .. .. 47.00 .. 0.313 - .. ..

Chile 19.0 19.0 19.0 19.0 .. 19.0 - 56.30 225.2 - .. -

Czech Rep. 20.0 20.0 20.0 20.0 20.0 20.0 660.0 10.95 12.84 - 133.00 0.0300

Denmark 25.0 25.0 25.0 25.0 x 25.0 2 522 2.953 4.253 2 541 x 0.7930

Estonia 20.0 20.0 20.0 20.0 .. 20.0 110.9 5 0.393 0.423 26.20 .. 0.0125

Finland 23.0 23.0 23.0 23.0 x 23.0 160.53 0.365 0.628 94.55 x 0.0170

France 19.6 19.6 19.6 17.4 .. 17.4 56.60 0.437 0.611 13.04 .. 0.0167

Germany 19.0 19.0 19.0 .. .. 19.0 61.35 0.470 0.655 .. .. 0.07

Greece 23.0 23.0 23.0 13.0 x 11.0 21.00 0.412 0.670 - x 0.0132

Hungary x 25.0 25.0 25.0 25.0 25.0 x 100.6 123.3 - - -

Ireland 13.5 21.0 21.0 13.5 13.5 13.5 88.66 0.449 0.543 32.22 .. -

Israel 16.0 16.0 16.0 .. x 16.0 2 534 2.534 2.851 .. x -

Italy 20.0 20.0 20.0 .. .. 10.0 403.2 0.423 0.564 .. .. 0.0351

Japan 5.0 5.0 5.0 .. .. .. 2 040 34.14 55.84 .. .. -

Korea 10.0 10.0 10.0 10.0 .. .. 103 500 518.2 745.9 73 183 .. ..

Luxembourg 12.0 15.0 15.0 6.0 x 6.0 10.00 0.320 0.462 12.54 x 0.0200

Mexico .. 16.0 16.0 16.0 x 16.0 .. - - - x -

Netherlands 19.0 19.0 19.0 19.0 .. 19.0 259.8 0.428 0.724 194.98 .. 0.0059

New Zealand .. 15.0 15.0 15.0 .. 15.0 .. 0.004 0.591 20.45 .. -

Norway 25.0 25.0 25.0 x .. 25.0 1 573 4.210 5.500 x .. 0.1121

Poland 23.0 23.0 23.0 23.0 23.0 23.0 232.0 1.288 1.660 - - 0.0200

Portugal 13.0 23.0 23.0 6.0 .. 6.0 222.5 0.364 0.583 - .. -

Slovak Rep. 20.0 20.0 20.0 20.0 .. 20.0 .. 0.368 0.515 - .. -

Slovenia 20.0 20.0 20.0 20.0 .. 20.0 123.4 0.387 0.465 51.80 .. 0.0120

Spain 18.0 18.0 18.0 18.0 .. 16.0 85.69 0.346 0.443 - .. 0.0064

Sweden 25.0 25.0 25.0 25.0 x 25.0 3 814 4.314 5.225 2 637 x 0.2700

Switzerland 8.0 8.0 8.0 8.0 x 8.0 99.60 0.774 0.735 80.80 x 0.0045

Turkey 18.0 18.0 18.0 18.0 18.0 18.0 760.5 0.935 1.492 - - 0.0173

UK 5.0 20.0 20.0 5.0 5.0 5.0 113.1 0.590 0.590 - - -

USA .. .. .. .. .. .. .. .. .. .. .. ..

Note: Taxes shown are the most recent available. Taxes shown in bold have changed since the previous quarter's publication.

Taxes are shown in national currency per unit. See country notes for details.

1. GST tax for Canada and New Zealand; consumption tax for Japan.

2. Excises taxes include all non-VAT taxes levied on energy.

3. Kerosene for Japan and Korea.

4. Regular unleaded for Australia, Canada, Japan and Korea; premium unleaded 95 for all other countries.

.. not available

x not applicable

- nil

c confidential

VAT %1 Excise tax amounts2


ENERGY PRICES & TAXES, 2nd Quarter 2011 - xxiii

Industry

HFO Coking Coal LFO3 Automotive

Diesel HSFO LSFONatural

Gas Steam CoalCoking

Coal Electricity

Australia .. .. .. .. .. .. .. .. .. ..

Austria - .. 109.2 0.436 .. 67.70 .. 50.0 .. 0.0181

Belgium - .. 18.49 0.409 x 15.00 10.47 .. .. 0.0103

Canada 5.0 .. 34.55 0.234 26.67 .. - .. .. ..

Chile .. .. .. .. .. .. .. - .. -

Czech Rep. - c 660.0 10.95 472 472 356.0 c c 0.0280

Denmark - x 429.0 2.953 .. 638 2 493 .. x 0.0500

Estonia .. .. 111.0 0.393 .. .. 19.69 .. .. 0.0118

Finland - - 160.5 0.365 .. 67.06 94.55 128.1 128.1 0.0070

France - - 56.60 0.437 18.50 18.50 16.79 .. - 0.0115

Germany - - 61.35 0.470 .. 25.00 .. .. - ..

Greece - .. 21.0 0.412 .. 19.00 - .. .. 0.0146

Hungary - c .. 100.6 .. 7 500 3 166 .. c 0.2520

Ireland - x 47.36 0.449 61.52 .. - .. x -

Israel - x .. 2.534 14.16 14.16 c x x -

Italy - - 403.2 0.423 .. 31.39 45.22 - - 0.0445

Japan 5.0 5.0 2 040 34.14 - - .. 700 700 ..

Korea 10.0 .. 103 500 .. 20 703 20 703 73 183 .. .. ..

Luxembourg .. x 21.00 0.320 x .. 6.27 .. x 0.0067

Mexico - .. - - - .. - x .. -

Netherlands - .. 259.8 0.428 x 33.89 30.65 .. .. 0.0137

New Zealand - c - 0.004 - .. 20.45 c c -

Norway - x 1 573 4.210 x .. x .. x -

Poland - - 232.0 1.288 64.00 64.00 - - - 0.0200

Portugal - .. .. 0.364 x 15.30 - .. .. -

Slovak Rep. - .. - 0.368 x - 15.35 .. .. -

Slovenia - .. 123.4 0.387 .. 75.02 51.80 .. .. 0.0098

Spain - c 85.69 0.346 .. 15.46 - .. c 0.0036

Sweden - .. 1 144 4.314 x 4 133 795.5 .. .. 0.0050

Switzerland - x 99.60 0.774 x 118.9 80.80 - x 0.0045

Turkey 18.0 18.0 .. 0.935 224.0 .. 25.12 - - 0.0074

UK - .. 111.8 0.590 x c 4.61 5.87 .. 0.0026

USA .. .. .. .. .. .. .. .. .. ..

Note: Taxes shown are the most recent available. Taxes shown in bold have changed since the previous quarter's publication.

Taxes are shown in national currency per unit. See country notes for details.

1. GST tax for Canada and New Zealand; consumption tax for Japan.

2. Excises taxes include all non-VAT taxes levied on energy.

3. Kerosene for Japan and Korea.

.. not available

x not applicable

- nil

c confidential

VAT %1 Excise Tax Amounts2


xxiv - ENERGY PRICES & TAXES, 2nd Quarter 2011

0.63

0

0.73

8

0.87

3

0.72

4

0.88

3

0.88

8

0.80

8

0.85

4

0.80

0 0.95

5

0.86

0

0.82

0

0.89

1

0.77

7 0.90

3

0.80

3

0.85

9

0.85

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0.84

2

0.89

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0.91

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0.83

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0.88

3

0.78

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0.83

8

0.86

6

0.92

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0.93

5

0.78

3

0.85

7

0.88

8

1.20

4

0.10

1 0.13

1

0.37

7

0.60

7 0.51

0

0.64

7

0.85

6

0.81

9

0.89

2 0.76

0

0.85

6

0.92

6

0.87

5

1.01

7 0.91

6

1.04

3

0.98

9

1.03

5

1.07

5

1.02

6

1.16

6

1.10

9

1.22

4

1.18

3

1.28

9

1.24

8

1.22

4

1.20

9

1.20

9

1.39

7

1.34

1

1.33

1

1.33

7

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6M

exic

o

Uni

ted

Sta

tes

Can

ada

Chi

le

Aus

tralia

New

Zea

land

Est

onia

Kor

ea

Pol

and

Japa

n

Luxe

mbo

urg

Slo

veni

a

Spa

in

Aus

tria

Sw

itzer

land

Isra

el

Hun

gary

Cze

ch R

ep.

Irela

nd

Slo

vak

Rep

.

Fran

ce

Italy

Ger

man

y

Por

tuga

l

Uni

ted

Kin

gdom

Finl

and

Sw

eden

Bel

gium

Den

mar

k

Nor

way

Net

herla

nds

Gre

ece

Turk

ey

US

D/li

treFigure 16 - Unleaded gasoline1 prices and taxes

9% .2%

2%

15.1

%

13.8

%

80%

90%

100%

1Q2011*


* Prices for Chile and Israel are for 4Q2010.1. Regular unleaded for Australia, Canada, Japan, Korea, Mexico, New Zealand and the United States;premium unleaded 95 for all other countries.

35.9

%

37.7

%

39.0

%

40.0

%

40.2

%

40.7

%

41.4

%

42.2

%

42.7

%

43.3

%

43.3

%

43.5

%

43.6

%

43.9

%

45.1

%

45.3

%

46.5

%

46.7

%

47.0

%

47.3

%

47.4

%

48.6

%

49.6

%

50.1

%

50.5

%

51.0

%

54.4

%

55.7

%

57.9

% 63.4

% 69.8

%

84.9

%

86.2

%

64.1

%

62.3

%

61.0

%

60.0

%

59.8

%

59.3

%

58.6

%

57.8

%

57.3

%

56.7

%

56.7

%

56.5

%

56.4

%

56.1

%

54.9

%

54.7

%

53.5

%

53.3

%

53.0

%

52.7

%

52.6

%

51.4

%

50.4

%

49.9

%

49.5

%

49.0

%

45.6

%

44.3

%

42.1

% 36.6

% 30.2

%

1 5 1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Nor

way

Uni

ted

Kin

gdom

Net

herla

nds

Gre

ece

Finl

and

Ger

man

y

Sw

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Fran

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Per

cen

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re

Ex-tax price Tax component


ENERGY PRICES & TAXES, 2nd Quarter 2011 - xxv

0.65

3 0.81

9

0.74

3 0.9

41

0.91

7

1.00

9

0.89

9

0.90

8

0.88

8

0.88

0

0.97

2

0.90

0

0.87

7 0.98

3

0.90

6

0.93

3

0.95

7

0.98

7

0.89

8

1.00

1

0.92

8

0.97

8

0.96

1

1.00

3

0.93

4

0.96

1

0.98

4 1.1

68

0.86

0 1.01

8

0.85

2

1.27

8

0.10

5 0.1

39

0.25

8

0.14

5

0.51

3

0.46

7

0.60

0

0.64

0

0.75

4

0.81

1

0.73

3

0.82

4

0.89

1 0.80

0

0.89

3

0.87

4

0.87

0

0.84

1

0.93

1

0.84

2

0.92

4

0.88

9

0.91

8

0.88

7

0.96

2

0.94

8

0.96

7 0.7

84

1.13

4 1.08

7

1.30

3

0.93

2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4M

exic

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Uni

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and

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and

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Gre

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Nor

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US

D/li

tre

1Q2011*

.5%

6.1%

6.6%

% 25.

8%

14.5

%

13.9

%

13.4

%

80%

90%

100%

Figure 17 - Automotive diesel prices and taxes for non-commercial purposes


* Prices for Chile and Israel are for 4Q2010.

39.5

%

43.1

% 48.4

%

49.1

%

49.3

%

49.6

%

50.1

%

50.3

%

50.4

%

50.4

%

51.1

%

51.6

%

52.0

%

52.2

%

52.4

%

52.4

%

53.1

%

54.0

%

54.1

%

54.3

%

55.1

%

57.0

%

57.8

%

58.7

%

59.8

%

60.0

%

64.1

%

68.4

% 74.2

%

85.5

%

86.1

%

86.6

%

60.5

%

56.9

% 51.6

%

50.9

%

50.7

%

50.4

%

49.9

%

49.7

%

49.6

%

49.6

%

48.9

%

48.4

%

48.0

%

47.8

%

47.6

%

47.6

%

46.9

%

46.0

%

45.9

%

45.7

%

44.9

%

43.0

%

42.2

%

41.3

%

40.2

%

40.0

%

35.9

%

31.6

% 25.

8%

1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Uni

ted

Kin

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Nor

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xxvi - ENERGY PRICES & TAXES, 2nd Quarter 2011

901

838

846

844

801

980

847

967

820 9

17

585

888

844

817 9

14

887

862

865

891

1067

892

826

953

741

944 10

61

1007

946

44

116 16

1

182

230

75

209 98

256 19

3

535

240

291

366 2

72

303

332

352

360

282

460

550

489

932

850 7

62

830

972

0

200

400

600

800

1000

1200

1400

1600

1800

2000U

nite

d S

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US

D/1

000

litre

Figure 18 - Light fuel oil prices and taxes for households

% % %

% 3% 2.3%

2.6%

84.0

% 87.9

%

90.8

%

92.9

%

95.3

%

0% 9% 0.9

%

28.9

%

28.8

%

27.8

%

25.6

%

25.5

%

23.8

%

22.9

%

22.3

%

21.2

% 20.9

%

19.7

%

17.7

%

17.4

%

16.0

% 12.1

%

9.2% 7.1%

4.7%

80%

90%

100%

1Q2011*


* Prices for Chile and Israel are for 4Q2010.

44.3

% 49.3

%

52.2

%

52.6

%

54.8

%

58.2

%

60.0

% 66.0

%

66.1

%

69.1

%

71.1

%

71.2

%

72.2

%

74.4

%

74.5

%

76.2

%

77.1

%

77.7

%

78.8

%

79.1

%

80.3

%

82.3

%

82.6

%

84.0

% 87.9

%

90.8 92

9

55.7

% 50.7

%

47.8

%

47.4

%

45.2

%

41.8

%

40.0

% 34.0

%

33.9

%

30.9

%

28.9

%

28.8

%

27.8

%

25.6

%

25.5

%

23.8

22.9

22.

21

0%

10%

20%

30%

40%

50%

60%

70%

80%

Isra

el

Sw

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Net

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Italy

Den

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and

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ENERGY PRICES & TAXES, 2nd Quarter 2011 - 1


PART I

IMPORT AND EXPORT COSTS AND INDICES;

TRADE REGULATIONS

AND DUTIES

2 - ENERGY PRICES & TAXES, 2nd Quarter 2011


GENERAL NOTE ON DEFINITIONS, METHODS AND SOURCES

CRUDE OIL SPOT PRICES1

The monthly, quarterly and yearly average crude oil spot prices are calculated from daily quotations from Platts.

Prices are either dated (spot price), assessed (based on Platts weekly assessment of spot prices) or first month forward supply, which is the dated quotation for prompt physical cargoes.

Product quality specifications (based on International Crude Oil Market Handbook 2010, Energy Intelligence Group):

Brent

A blend of crude from the Brent and Ninian systems. Prior to July 1987, the average prices were calculated from the weekly averages from various published sources.

Price: Dated Loading point: Sullom Voe API Gravity: 38.5 Sulphur Content: 0.41

West Texas Intermediate (WTI) Price: First Month Forward Loading point: Cushing, Midland API Gravity: 38.7 Sulphur Content: 0.45

West Texas Sour (WTS) Price: First Month Forward Loading point: Midland API Gravity: 31.7 Sulphur Content: 1.28

Light Louisiana Sweet (LLS) Price: First Month Forward Loading point: St. James API Gravity: 36.0 Sulphur Content: 0.34

1. Source: Based on Platts unless otherwise specified. 2011, Platts, a division of The McGraw-Hill Companies, Inc. No reproduction with-out prior written permission from Platts. All rights reserved.

Arab Light Price: Dated Loading point: Ras Tanura, King Fahd, Juaymah API Gravity: 33.0 Sulphur Content: 1.83

Dubai Prior to January 1985, the average prices were calculated from the weekly averages from various published sources

Price: First Month Forward Loading point: Fateh API Gravity: 30.4 Sulphur Content: 2.13

Iran Light

Price: Dated and assessed Loading point: Kharg Island API Gravity: 33.4 Sulphur Content: 1.36

Iran Heavy

Price: Dated and assessed, FOB Loading point: Kharg Island API Gravity: 29.5 Sulphur Content: 1.99

Urals

Price: Dated, CIF NWE assessed Loading points: Primorsk, Novorossiysk, Yuzhny API Gravity: 31.8 Sulphur Content: 1.35

Minas

Price: Dated Loading point: Dumai API Gravity: 34.5 Sulphur Content: 0.08

Tapis

Price: Dated Loading point: Terengganu API Gravity: 45.6 Sulphur Content: 0.03

ENERGY PRICES & TAXES, 2nd Quarter 2011 - 3


OIL PRODUCT SPOT PRICES1

Oil product spot prices are calculated from daily quotations from Platts. Prior to January 1985, for HSFO in NW Europe (Rotterdam), average prices were calculated from weekly price averages using various published sources.

Prices for NW Europe and the United States (New York Harbour), are the average price between the high and low quotes for spot purchases of oil products, barge, FOB. Singapore represents the cargo average price. All prices exclude end-use taxes.

Product Market Specifications Gasoline NW Europe Prior to June 1992, premium leaded

0.15 g/l. Since June 1992, premium unleaded.

United States Prior to November 2003, unleaded gasoline 87 PON. Since November 2003, regular unleaded 87 PON max 0.3 MTBE.

Singapore Prior to 1Q95, regular leaded 0.15 g/l. Since 1Q95, premium unleaded.

Gasoil NW Europe Prior to November 2007 0.2% sulphur. Since November 2007 0.1% sulphur.

United States Heating oil no. 2 Singapore 0.5% sulphur LSFO NW Europe 1% sulphur United States 1% sulphur Singapore Prior to April 1996, low sulphur waxy

residue (LSWR). Since April 1996, LSWR cracked.

HSFO NW Europe 3.5% sulphur United States 3.0% sulphur Singapore Prior to January 1998, 3.5% sulphur.

Since January 1998, 4.0% sulphur.

Conversion Factors

Product

Product

Barrels/ tonne

NW Europe Gasoline 8.35 Gasoil 7.46 Jet/Kero 7.88 Naphtha 8.82 LSFO 6.49 HSFO 6.31 Singapore HSFO 6.46

MARINE BUNKER SPOT PRICES

From December 2006 onwards, the prices represent the monthly average of daily benchmark price the Bunkerworld Benchmark Price (BBP). The assessments are typically quoted for products to be supplied within 3-7 days in the spot market. Prices are quoted in USD per metric tonne, delivered on board basis, i.e. including barge transport and/or ex-price fees.

Prior to December 2006, prices represent the monthly average of daily spot assessments and reflect "average-sized" stems, typically between 400 and 700 tonnes. Prices for Singapore and NW Europe (Rotterdam) are "delivered". Prices shown for the United States (Houston) are "ex-wharf". Conversion Factors

Product Barrels/tonne

380 cst 6.45180 cst 6.45Marine Diesel Oil (MDO) 7.3

Sources: From December 2006 onwards, Monthly Bunker Prices from Bunkerworld website. Prior to December 2006, BunkerNews, published by Informa Energy Publishing, a division of Informat Group plc.

IMPORT AND EXPORT COSTS OF ENERGY PRODUCTS

Costs shown for foreign trade in energy products are obtained by dividing value by volume recorded by cus-toms administrations for each tariff position. Values re-corded at the import stage include cost, insurance and freight (CIF) but exclude import duties. Values recorded at the export stage exclude transport and other costs (FOB). For more detailed information on tariffs and duties for imported energy products please see the Notes on Definitions and Regulations at the end of Part I.

4 - ENERGY PRICES & TAXES, 2nd Quarter 2011

Table 1 - Crude oil spot prices in USD/bbl(average unit value, FOB)

Brent WTI WTS LightLouisianaArabLight Dubai

IranLight

IranHeavy Urals Minas Tapis

1981 .. .. .. .. 34.17 .. .. .. .. .. ..1982 32.86 33.68 .. .. 31.71 30.88 .. .. .. .. ..1983 29.73 30.40 .. .. 30.05 28.23 .. .. .. .. ..1984 28.74 29.39 .. .. 28.06 27.54 .. .. .. .. ..1985 27.62 27.98 27.31 .. 27.52 26.48 .. .. 27.05 .. ..1986 14.44 15.10 14.19 .. .. 13.01 .. .. 13.68 11.89 13.241987 18.44 19.18 18.41 19.49 .. 16.91 .. .. 17.73 17.78 18.591988 14.92 15.97 14.72 16.13 13.45 13.20 13.34 12.92 14.15 15