UK refining- higher fuel prices ahead?
Discussion
I cannot comment too much on this subject due to me having a vested interest in the matter, but today Chevron announced it was soliciting bids for the Pembroke refinery, although officially "no decision has yet been made to sell". Following on from Total recently suggesting its intention to sell the Lindsey refinery, and both Grangemouth and Stanlow being involved in changes of ownership, the future of UK refining is in turmoil right now.
In future years, it appears likely that the UK will rely more heavily on imported vehicle fuels, as suggested by the Wood-mackenzie report. The loss of refining competition in the UK and the increased cost of imports, along with the high rates of tax currently paid, suggests that the future price you pay at the pumps may well yet have some way to rise...
Unfortunately, the UK has been an unattractive place to invest in for some time, and I expect that the country will soon reap the consequences of their obsession with 'green taxes' and the health and safety culture.
It appears being a petrolhead or an oil refinery worker may not be the most pleasant position to be in soon.
In future years, it appears likely that the UK will rely more heavily on imported vehicle fuels, as suggested by the Wood-mackenzie report. The loss of refining competition in the UK and the increased cost of imports, along with the high rates of tax currently paid, suggests that the future price you pay at the pumps may well yet have some way to rise...
Unfortunately, the UK has been an unattractive place to invest in for some time, and I expect that the country will soon reap the consequences of their obsession with 'green taxes' and the health and safety culture.
It appears being a petrolhead or an oil refinery worker may not be the most pleasant position to be in soon.
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