Fossil fuel price assumptions
The Department for Energy Security and Net Zero produces long-term assumptions for the wholesale prices of oil, gas and coal for the UK.
These assumptions play a key role in determining the costs associated with energy and climate change policies and feed into the projections of carbon prices, generation costs, emissions and price and bill impacts of policies.
High, Central and Low Price Assumptions are provided for each fossil fuel. They provide a range for plausible future fossil fuel prices. The assumptions reflect long-term trends in fossil fuel prices and are not intended to capture potential short-term variability.
In compiling the assumptions the Department has employed a number of different methods to produce figures using considered judgement. The 2023 Fossil Fuel Price Assumptions were reviewed by an external Expert Panel.
For any enquires about these assumptions or the supporting documents please contact fossilfuelspriceassumptions@beis.gov.uk.
There are also links below to the Fossil Fuel Price publications from earlier years.
Documents
Updates to this page
Last updated 26 September 2024 + show all updates
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Added Fossil fuel price assumptions: 2024.
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Added link to latest Fossil fuel price assumptions for 2023.
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Fossil fuel price assumptions 2019 added.
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Fossil fuel price assumptions 2018 published.
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Fossil fuel price assumptions 2017 published.
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Fossil fuel price assumptions 2016 published
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First published.