Discussion
IroningMan said:
unrepentant said:
Dog Star said:
Stating the obvious - the higher the proportion of tax on your fuel the correspondingly smaller reduction in price you will see, no? The OPs comparison isn't really valid.
Yeah but... I think the tax is 70p a litre? So on the 1.31 61p wasn't tax so if that fell by 25% it should give you a 15p per litre reduction. And VAT on the fuel duty, too...
GetCarter said:
Still driving Porkers Daz? Must be 10 years since we were last at Brunters on the same day...
Oh 
. You got your turbo at a similar time to me so it would have been at least 10 years ago meeting at VMAX. I still have my 02 996 turbo now on 81k miles. Also got a 991 GT3 in December 13, despite three months parked up for an engine change earlier in the year, it's already done 7,500 miles. Still do an annual Scotland trip, 2014 in a loan car Panamera diesel, 2013 in the 996 turbo, 2012 in an M5 for 1/2 a day then 1,500 miles in a chevrolet Spark+ hire car!cheers
DAZ
oyster said:
unrepentant said:
Dog Star said:
Stating the obvious - the higher the proportion of tax on your fuel the correspondingly smaller reduction in price you will see, no? The OPs comparison isn't really valid.
Yeah but... I think the tax is 70p a litre? So on the 1.31 61p wasn't tax so if that fell by 25% it should give you a 15p per litre reduction. £1.20 now is about $1.93.
That's 13% in USD terms, but only 8% in GBP.
Welshbeef said:
Nice bit of political pressure.
Thing is just like the income tax statement the same should be done for fuel and people will realise that so much of the fuel price is tax then even 50% reductions in oil price will not make vast differences to forecourt prices.
Especially when production and logistic costs that are relatively constant are included, the actual crude costs are quite a small part.Thing is just like the income tax statement the same should be done for fuel and people will realise that so much of the fuel price is tax then even 50% reductions in oil price will not make vast differences to forecourt prices.
Welshbeef said:
Its c£0.86 taxes so given we have seen about a 5% price reduction so far at best we should be looking at £1.18ppl so yes some more to come so a useful £4 saving per tank plus all the saving logistics will save thus entire inflation may drop further/deflation??
You can look at the influence here:http://www.ons.gov.uk/ons/infographics/how-cpi-is-...
http://www.bbc.co.uk/news/business-29924710
It's this kind of thing that really gets me though - it's the government's tax(es) that increase the price so blooming much, but hey, let's ignore that facet of the overall cost, shall we?
It's this kind of thing that really gets me though - it's the government's tax(es) that increase the price so blooming much, but hey, let's ignore that facet of the overall cost, shall we?
Danny Alexander has been blathering about all of this: http://www.bbc.co.uk/news/business-29924710 (My favourite quote - "While no research supports this, the thought of this effect creates ill feeling, he will say." - that will be a very productive contribution to the discussion I am sure.)
The article gets its maths wrong, because when helpfully converting the old cost per barrel into £ they use the current exchange rate. Here's my attempt to do it with hopefully better figures. Roughly, you get ~185L of products out of a barrel of oil, so divide the barrel cost by that to get an estimate of how much the oil contributes to the cost of a litre of product.
Before: $115 / 1.70 (June exchange rate) = £67/barrel; £67 / 185L = £0.36/L
After: $84 / 1.60 (current exchange rate) = £52.50/barrel; £52.50 / 185L = £0.28/L
So you'd expect a drop of £0.36 - £0.28 = £0.08. And you got a drop of £1.317 - £1.242 = £0.075.
A poor foundation for political grandstanding in my book!
(edit - looks like this post took longer to write than I thought
)
The article gets its maths wrong, because when helpfully converting the old cost per barrel into £ they use the current exchange rate. Here's my attempt to do it with hopefully better figures. Roughly, you get ~185L of products out of a barrel of oil, so divide the barrel cost by that to get an estimate of how much the oil contributes to the cost of a litre of product.
Before: $115 / 1.70 (June exchange rate) = £67/barrel; £67 / 185L = £0.36/L
After: $84 / 1.60 (current exchange rate) = £52.50/barrel; £52.50 / 185L = £0.28/L
So you'd expect a drop of £0.36 - £0.28 = £0.08. And you got a drop of £1.317 - £1.242 = £0.075.
A poor foundation for political grandstanding in my book!
(edit - looks like this post took longer to write than I thought
)gruffalo said:
Welshbeef said:
Nice bit of political pressure.
Thing is just like the income tax statement the same should be done for fuel and people will realise that so much of the fuel price is tax then even 50% reductions in oil price will not make vast differences to forecourt prices.
Especially when production and logistic costs that are relatively constant are included, the actual crude costs are quite a small part.Thing is just like the income tax statement the same should be done for fuel and people will realise that so much of the fuel price is tax then even 50% reductions in oil price will not make vast differences to forecourt prices.
MikeT66 said:
http://www.bbc.co.uk/news/business-29924710
It's this kind of thing that really gets me though - it's the government's tax(es) that increase the price so blooming much, but hey, let's ignore that facet of the overall cost, shall we?
Indeed, Politicians are not doing themselves any favours by reminding us of the price of fuel and the fact that the oil companies 'should' be giving it us a couple of pence cheaper when the tax take is so huge... It's this kind of thing that really gets me though - it's the government's tax(es) that increase the price so blooming much, but hey, let's ignore that facet of the overall cost, shall we?
MikeT66 said:
http://www.bbc.co.uk/news/business-29924710
It's this kind of thing that really gets me though - it's the government's tax(es) that increase the price so blooming much, but hey, let's ignore that facet of the overall cost, shall we?
If the lower prices last that long won't they re-introduce the fuel duty escalator anyway?It's this kind of thing that really gets me though - it's the government's tax(es) that increase the price so blooming much, but hey, let's ignore that facet of the overall cost, shall we?
Roo said:
I was surprised at the fuel price when I was out there in April.
Vegas was just under $4 a gallon with LA being just over.
Back in '02 most places were under $1 a gallon so it's gone up a hell of a lot in the intervening years.
It follows the oil price pretty closely. In CA they tax it more so CA always has the highest prices in the US. Back in '08 we were at about $2 then it spiked to over $4 after the crash (presumably oil futures became a "safe haven") and again in '12. We've been in the $3.50 - $3.90 range for most of this year until the recent drop to the $2.80 range. It's not unusual to see a 10% hike or drop overnight.Vegas was just under $4 a gallon with LA being just over.
Back in '02 most places were under $1 a gallon so it's gone up a hell of a lot in the intervening years.
MikeT66 said:
http://www.bbc.co.uk/news/business-29924710
It's this kind of thing that really gets me though - it's the government's tax(es) that increase the price so blooming much, but hey, let's ignore that facet of the overall cost, shall we?
As were spending more than we collect of Tax then removing Fuel duty where would you like the tax rise? Infact we need much higher taxes or devastating cuts It's this kind of thing that really gets me though - it's the government's tax(es) that increase the price so blooming much, but hey, let's ignore that facet of the overall cost, shall we?
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