Is petrol going to get a lot cheaper ?
Discussion
I saw an article on the BBC news the other night where it was stated that now the US has brokered some sort of deal, and also dropped sanctions against IRAN, IRAN stated that they were now planning on pumping and selling oil like no tomorrow.
Will this extra output lower the international price,lower price,equals lower petrol price, or will it be curbed,and the government control the price as usual and take the opertunity to raise the tax on it.
Will this extra output lower the international price,lower price,equals lower petrol price, or will it be curbed,and the government control the price as usual and take the opertunity to raise the tax on it.
zoom star said:
I saw an article on the BBC news the other night where it was stated that now the US has brokered some sort of deal, and also dropped sanctions against IRAN, IRAN stated that they were now planning on pumping and selling oil like no tomorrow.
Will this extra output lower the international price,lower price,equals lower petrol price, or will it be curbed,and the government control the price as usual and take the opertunity to raise the tax on it.
With the amount of duty and VAT on the pump price, I reckon it'll make the price change by about 2 pence Will this extra output lower the international price,lower price,equals lower petrol price, or will it be curbed,and the government control the price as usual and take the opertunity to raise the tax on it.
By the time that the savings trickle down to us through the various distribution levels it'll probably be about 2p, by which time something will have kicked off elsewhere causing a "shortage" and it'll shoot back up again although for some reason it always goes up overnight but takes weeks to come down 
Just won't happen.
Dick Turpin and Boy George (UK Treasury and George Osbourne) know that fuel is a big money spinner. It is regardless of what the Greenpeace and the like say an essential staple.
Fuel sales generate income for the Treasury on a massive scale and therefore they think nothing of shafting the British public for all they are worth.
Nothing is given by the UK Government they always get it back off you somehow.
Unless of course you are a 'breeder' with 10 children by five different fathers. Then you seem to get everything.
Dick Turpin and Boy George (UK Treasury and George Osbourne) know that fuel is a big money spinner. It is regardless of what the Greenpeace and the like say an essential staple.
Fuel sales generate income for the Treasury on a massive scale and therefore they think nothing of shafting the British public for all they are worth.
Nothing is given by the UK Government they always get it back off you somehow.
Unless of course you are a 'breeder' with 10 children by five different fathers. Then you seem to get everything.
Edited by tbc on Tuesday 17th December 11:29
If it results in a drop in the price of oil then it will potentially reduce the price of petrol. However the government could reverse it's decision on freezing the rise of fuel duty in that event.
http://www.forbes.com/sites/christopherhelman/2013...
http://www.bbc.co.uk/news/business-25083778
http://www.forbes.com/sites/christopherhelman/2013...
http://www.bbc.co.uk/news/business-25083778
dave7692 said:
By the time that the savings trickle down to us through the various distribution levels it'll probably be about 2p, by which time something will have kicked off elsewhere causing a "shortage" and it'll shoot back up again although for some reason it always goes up overnight but takes weeks to come down
Have you noticed how when a general price drop is announced, many garages put it up by the forecast reduction (or more) in advance of the price drop, so that after they have made the reduction it's still at the same price or slightly more.Bastids!
dave7692 said:
By the time that the savings trickle down to us through the various distribution levels it'll probably be about 2p, by which time something will have kicked off elsewhere causing a "shortage" and it'll shoot back up again although for some reason it always goes up overnight but takes weeks to come down
I know this topic is often talked about on here and as a purchaser of petrol I find myself thinking the same. However, without wishing to be boring, I should point out that the OFT did look at this issue at the beginning of the year and concluded there wasn't a problem... "Overall, on the basis of the evidence collected, it appears that competition in the UK road fuels sector is working relatively effectively. The significant rises in petrol and diesel prices that have occurred over the past 10 years have largely been caused by higher crude oil prices and increases in taxation. We have not found any evidence that competition problems have led to increases in pump prices and the margins being made by UK refiners, wholesalers and retailers do not appear to have contributed as significantly to increases in pump prices."
Full report:
http://www.oft.gov.uk/shared_oft/markets-work/oft1...
I rather hope the oil price doesn't crash as a result of Iran because if it does the OPEC nations will all run out of income, as will our home grown oil & gas industry where investment will vanish and many thousands employed directly and indirectly in the North Sea will be out of work. Many in the UK may not even be aware they are affected by a healthy oil industry.
There's a lot more to consider than just the pump price.
There's a lot more to consider than just the pump price.
jamieduff1981 said:
I rather hope the oil price doesn't crash as a result of Iran because if it does the OPEC nations will all run out of income, as will our home grown oil & gas industry where investment will vanish and many thousands employed directly and indirectly in the North Sea will be out of work. Many in the UK may not even be aware they are affected by a healthy oil industry.
There's a lot more to consider than just the pump price.
While a significant fall in the price would have an effect on whether North Sea oil extraction is economically viable and therefore on jobs and investment in our oil industry, it would still quite clearly be overall net positive impact on the economy as a whole. There's a lot more to consider than just the pump price.
The prices of petrol shot up, and we all still paid those prices. So if the businesses see the customer is fine paying that (no loss in sales, no public outcry like there was a decade or so ago with big protests and shortages) then why lower the prices?
When I started riding motorcycles 7 years ago, I could fill up 13 litres for about £12. Now its around £18.
I get happy when I pay closer to £18 than to £19
When I started riding motorcycles 7 years ago, I could fill up 13 litres for about £12. Now its around £18.
I get happy when I pay closer to £18 than to £19
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