Discussion
So the recent drop in fuel is a good thing.
Ive just calculated that only a few months ago i was paying £1.47 for a Litre of Shell V-Power Diesel. Iam now paying £1.20. That means that it was costing me £89.67 per tank and now is costing £73.20, that's a saving of £16.47. I use about 2 full tanks a week so this should see me save about £130 a month.
Still should be less though.
A barrel of crude oil has dropped 57% since last summer but iam only seeing a 18% reduction to me at the pumps.
What pisses me off is, when oil goes up, the effect at the pump is almost immediate, when it goes down, it takes them weeks and months to feather it out to us the consumer.
What are peoples thoughts ?
Ive just calculated that only a few months ago i was paying £1.47 for a Litre of Shell V-Power Diesel. Iam now paying £1.20. That means that it was costing me £89.67 per tank and now is costing £73.20, that's a saving of £16.47. I use about 2 full tanks a week so this should see me save about £130 a month.
Still should be less though.
A barrel of crude oil has dropped 57% since last summer but iam only seeing a 18% reduction to me at the pumps.
What pisses me off is, when oil goes up, the effect at the pump is almost immediate, when it goes down, it takes them weeks and months to feather it out to us the consumer.
What are peoples thoughts ?
95 fiesta si said:
A barrel of crude oil has dropped 57% since last summer but iam only seeing a 18% reduction to me at the pumps.
That's about right given the proportion of the cost of fuel which is the crude. None of the other costs have dropped (except transport I suppose, marginally). I shouldn't get too excited. This may well turn out to be a short term reduction while US is putting the screws on Putin and the arabs are putting the screws on the fracking industry.
There won't half be some squeals when it goes up again. And you can bet the first thing the new UK government will do after May 2015 is pile on some more taxes - including those which were put on hold last year.
There won't half be some squeals when it goes up again. And you can bet the first thing the new UK government will do after May 2015 is pile on some more taxes - including those which were put on hold last year.
95 fiesta si said:
What are peoples thoughts ?
That you're forgetting something.£1.47 pump price.
£1.18 without the VAT.
£0.60 without the VAT and the fuel duty.
£1.20 pump price.
£0.96 without the VAT.
£0.39 without the VAT and the fuel duty.
39p is ~2/3 of 60p. Yes, crude prices have dropped by about half, rather than "only" a third, but you aren't buying crude. You're buying something that's made from crude that's then been subject to transport costs, refining costs, marketing costs etc etc - some of those may have dropped slightly, but many won't.
As for the speed of increase/decrease - put yourself in an independent retailer's position. You've got a tanker-load of £1.30 fuel sat under your forecourt. All of a sudden, the crude price drops. Are you going to want to sell that fuel cheaper, possibly even making a loss? After all, retailer margins are notoriously slim. Of course you aren't. You're going to want to get as much as you can for it. So of course you're going to delay the drop.
Claudia Skies said:
I shouldn't get too excited. This may well turn out to be a short term reduction while US is putting the screws on Putin and the arabs are putting the screws on the fracking industry.
There won't half be some squeals when it goes up again. And you can bet the first thing the new UK government will do after May 2015 is pile on some more taxes - including those which were put on hold last year.
I was half asleep when an oil industry mate was in around but I think it's the Arabs putting the screws on everyone else to be honest. I think it was unofficially both in retaliation to failure of the US to act in some military conflict, poss Syria, fThere won't half be some squeals when it goes up again. And you can bet the first thing the new UK government will do after May 2015 is pile on some more taxes - including those which were put on hold last year.
k knows. In combination with then wanting to choke the life out of some of their rivals and this being a good time to do so. I think they are basically big enough to call the shots at the OPEC meetings.The Putin / US debacle, is more in addition to, as opposed to the cause of.
Also, probably worth bearing in mind that the Tories only yesterday said they will be watching companies to ensure these savings are passed on, which comes at the expense of taxes let's not forget. So I think we need to be fair to current government when they do right. Which in the immediate sense they have.
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