Oil price tanks 20% overnight - predict pump prices?

[youngsyr]

With oil prices down 20% overnight following the Saudis and Russians deciding to play a game of chicken and even GBP slightly stronger against the USD, how much of the drop do you think we'll see at the pump and how long wiill it take?

Seems 57.5p of current £1.30ish fuel price is duty, then you have VAT on the fuel price and duty, so this site makes it around 45p going to the oil company.

https://www.nextgreencar.com/car-tax/fuel-duty/

20% drop by rights would see 9p a litre off of 1.30 a litre, so that should make it £1.21.

Anyone want to bet we don't get lower than £1.25?

[Murph7355]

Nope.

[towser44]

I fuelled up in Chorley, Lancashire last Tuesday and it was less than £1.20p a litre for Unleaded then. Don't think it was much over that for diesasal which I needed.

[fido]

Beeb says up to 7p/litre. That's about £5 on my 16g tank.

[av185]

Filled up yesterday petrol @Asda £1.17 pre price drop.

[Tyre Smoke]

It's under £1.20 all over Devon. I saw £1.16 in Asda last week.

[youngsyr]

Christ guys, we all know that petrol prices differ around the country and even petrol station to petrol station in the same town, that's why I gave my base of £1.30!

This thread isn't "who has the lowest price petrol in the country", it's how much lower should they and will they go?!

[anonymous-user]

No effect. Oil companies will simply enjoy better margins.

[cuprabob]

Chancellor will put fuel duty up on Wednesday to reduce any saving.

[youngsyr]

cuprabob said:

Chancellor will put fuel duty up on Wednesday to reduce any saving.

I suspect the budget may see some surprise stimulus measures, or at the very least, won't include damaging increases in taxes and duties.

[towser44]

youngsyr said:

Christ guys, we all know that petrol prices differ around the country and even petrol station to petrol station in the same town, that's why I gave my base of £1.30!

This thread isn't "who has the lowest price petrol in the country", it's how much lower should they and will they go?!

to be fair, you said when will it go lower than £1.25 and it already has and in my case, it was below that by some distance over a week ago before the "20% overnight tanking" :-)

[RDMcG]

https://www.bloomberg.com/news/articles/2020-03-08...

Much more to come...all out price war.

[youngsyr]

towser44 said:

youngsyr said:

Christ guys, we all know that petrol prices differ around the country and even petrol station to petrol station in the same town, that's why I gave my base of £1.30!

This thread isn't "who has the lowest price petrol in the country", it's how much lower should they and will they go?!

to be fair, you said when will it go lower than £1.25 and it already has and in my case, it was below that by some distance over a week ago before the "20% overnight tanking" :-)

Sorry, didn't realise I had to spell out that petrol prices differ across the country.

So, just for you: do you think you will see a 9p fall in the price of petrol at your local petrol station?

[Teppic]

youngsyr said:

Anyone want to bet we don't get lower than £1.25?

Sainsbury's in Ipswich is 117.9
ASDA is 116.9
Shell is 119.9
Even BP is 119.9, and BP normally stands for Bloody Pricey.

[youngsyr]

RDMcG said:

https://www.bloomberg.com/news/articles/2020-03-08...

Much more to come...all out price war.

And yet brent crude has bounced from the opening low of $31 to $36? Dead cat bounce?

[youngsyr]

Teppic said:

youngsyr said:

Anyone want to bet we don't get lower than £1.25?

Sainsbury's in Ipswich is 117.9
ASDA is 116.9
Shell is 119.9
Even BP is 119.9, and BP normally stands for Bloody Pricey.

FFS.

youngsyr said:

Christ guys, we all know that petrol prices differ around the country and even petrol station to petrol station in the same town, that's why I gave my base of £1.30!

This thread isn't "who has the lowest price petrol in the country", it's how much lower should they and will they go?!

[anonymous-user]

116.7p - Asda in Hampshire.

Should mean I save enough to panic buy some hand gel and loo roll.

[Fundoreen]

Whats the difference between oil being really cheap or the government doling out helicopter money as some people dream.
Both help struggling commerce.
The 'oil industry' preference seems to be free money to buy expensive oil and other assets which will magically inflate in price but not worth.

[mcdjl]

So, Op where in the country are you to have such expensive fuel? In my part of the midlands (as with the other places mentioned) its long been below 130p.

[Vanden Saab]

Price of unleaded went down by 2p in the 6 hours between going to work and coming home....