Petrol prices

[109er]

I have been watching the price of 'Brent Crude Oil' for the last couple of weeks.

Noticed the price has come down from $113 a barrel to todays $103.34. a barrel.

Has anyone seen a drop in petrol prices yet

[steviegunn]

109er said:

I have been watching the price of 'Brent Crude Oil' for the last couple of weeks.

Noticed the price has come down from $113 a barrel to todays $103.34. a barrel.

Has anyone seen a drop in petrol prices yet

You need to give it a few weeks to filter through the supply chain. The cheap stuff needs to be loaded on to tankers, shipped to the UK, stored for a bit, refined into fuel and then sent to the petrol stations, usually 3-4 weeks before the crude bought today is sold on the forecourt.

[jr6yam]

steviegunn said:

You need to give it a few weeks to filter through the supply chain. The cheap stuff needs to be loaded on to tankers, shipped to the UK, stored for a bit, refined into fuel and then sent to the petrol stations, usually 3-4 weeks before the crude bought today is sold on the forecourt.

Strange how this doesn't apply when the price per barrel goes UP

[Jasandjules]

jr6yam said:

Strange how this doesn't apply when the price per barrel goes UP

Indeed, same as tax... Instantly added but if reduced (in my dreams) it takes six months to "process"...

[MG CHRIS]

Yep its gone down 2p around by me 1.27 per litre cheapest its been for a while.

[Mr Daytona]

Always the way. Just p/x my previous 17mpg Mazda CX-7 to the current V70 D5 and the price of petrol starts dropping. As per the old Golf GTI advert, if I put it all on red, it would come out black.

[109er]

Just an update.

Started this post with oil at $113 a barrel. It now stands at $97.92 - a drop of 13.4%

As petrol was £1.35 then and now at £1.28 - the price has only dropped by 5.8%.

Thievin little gits.

[jamoor]

have you had a quick look at sterling dollar?

[550M]

You do realise that crude oil accounts for less than 30% of the pump price?

[kambites]

More to the point, have you checked how fuel duty works?

Knock the fixed duty off both numbers and the underlying product price charged to the customer has decreased roughly in line with crude prices.

[kambites]

550M said:

You do realise that crude oil accounts for less than 30% of the pump price?

Including the VAT paid on the product (as opposed to that paid on the duty) which obviously rises and falls propotionally with the base product price, it's rather more than 30%. Still less than half, though.

[109er]

I'm just waiting for the price to go up as the price rises from $97.92 a barrel claiming
the price of crude has risen

[XJ Flyer]

steviegunn said:

109er said:

I have been watching the price of 'Brent Crude Oil' for the last couple of weeks.

Noticed the price has come down from $113 a barrel to todays $103.34. a barrel.

Has anyone seen a drop in petrol prices yet

You need to give it a few weeks to filter through the supply chain. The cheap stuff needs to be loaded on to tankers, shipped to the UK, stored for a bit, refined into fuel and then sent to the petrol stations, usually 3-4 weeks before the crude bought today is sold on the forecourt.

More like the speculators will store it while it is low creating the same level of supply and then sell when the price goes up.But does it really matter when the pre tax price isn't the problem.It is all about the price at the pump after the massive amounts of tax has been added.

[Dammit]

It's still way too cheap, arguably.

[ging84]

even if they were holding prices up slightly, it's hardly profiteering, and certainly not thieving
it's a highly competitive area, with plenty of players, including the super markets who often aim to make little or no profit on the fuel, it's mainly to draw customers to do their weekly shop

I find it funny how, oil is money for nothing, it comes out the ground with trivial cost compared to the volumes pumped, people have no issue with that being $100 or $150 a barrel due to national agreements to restrict supplies and market speculators making vast sums of money, yet they'll be up in arms over the 5-10-15% reduction that the suppliers don't pass on right away, what about the other 85% of the oil price, which still goes to enriching traders, highly profitable oil producing companies and often already very wealthy oil producing nations.

[MG CHRIS]

Well its still cheaper than a litre of water in most cases so its still cheap.

[ging84]

MG CHRIS said:

Well its still cheaper than a litre of water in most cases so its still cheap.

You might want to have someone go over your water bill
i think you might be being over charged a little

[calibrax]

Back in 1998 the oil price dropped to just over $10 a barrel. Petrol was 61p a litre. So if there was a direct correlation between the oil price and the pump price, we'd now be paying around £6 a litre!

[MG CHRIS]

ging84 said:

MG CHRIS said:

Well its still cheaper than a litre of water in most cases so its still cheap.

You might want to have someone go over your water bill
i think you might be being over charged a little

Im on about the posh bottled stuff. Not household water.

[DonkeyApple]

109er said:

I have been watching the price of 'Brent Crude Oil' for the last couple of weeks.

Noticed the price has come down from $113 a barrel to todays $103.34. a barrel.

Has anyone seen a drop in petrol prices yet

The issue at the moment is that although there is excellent supply currently, the buyers will have forward hedged more than usual because of the ISIS flare up and so have locked in higher costs for a while yet. But even the current 10% doesn't really equate to a penny or two at the pump.