oil price has dropped - fuel price must come down

[steebo888]

not sure if anybody has been reading this but the price has dropped sharply in the last week due to weak demand especially in the US.

how long will it take to come down here in uk?

http://news.sky.com/skynews/Home/Business/US-Oil-P...

[Hackney]

Until the end of time.

[jamesson]

Down $4 to $117 per barrel?

Not enough of a drop to see any change at the pumps here.

[Chrisw666]

As soon as the country is sufficiently prosperous in other areas to reduce fuel tax, or when benefits are scrapped and replaced with free ferry tickets to mainland europe.

[Vladimir]

Fuel has risen far less in price in countries like Spain...

[steebo888]

jamesson said:

Down $4 to $117 per barrel?

Not enough of a drop to see any change at the pumps here.

forgot to say that uk oil price is currently even lower

http://www.bbc.co.uk/news/business/market_data/com...

[jamesson]

steebo888 said:

forgot to say that uk oil price is currently even lower

http://www.bbc.co.uk/news/business/market_data/com...

A 3.0% drop equates to about 0.6% drop at the pumps, which is less than a penny, if my ropey maths is anything to go by.

[HurryUpAndWait]

Vladimir said:

Fuel has risen far less in price in countries like Spain...

FX...

[Vladimir]

HurryUpAndWait said:

FX...

Eh?

[GSP]

its way below $100 a barrel on Bloomberg... it was up at $120 a few weeks ago.

[varsas]

Not until out currency gets better, which won't happen until the interest rate goes up.

Which would you prefer, cheap mortgage repayments or cheaper petrol?

[steebo888]

It normally takes a price war at the supermarket to get things going.

I just dont get why it takes so long to come down when it goes up so quick when the prices rises. All the retailers always come up with the crappy excuse that they have paid for it 1 month in advance so cant lower it till then. Then we get the excuse of the weaker £ but im sure its been a weaker $ lately.

demand is probably the only thing that will drive it down as the government wont do much as they cant afford

[georgejoshington]

It won't go down - someone in the supply chain will just make more profit.

[SSBB]

steebo888 said:

I just dont get why it takes so long to come down when it goes up so quick when the prices rises.

Doesn't really. Just the public perception.

[jannthaman]

varsas said:

Not until out currency gets better, which won't happen until the interest rate goes up.

Which would you prefer, cheap mortgage repayments or cheaper petrol?

Petrol, as a student...

[HellDiver]

I'm hoping kerosene goes down. 60p a litre for 1000 litres is a bit harsh.

[steebo888]

varsas said:

Not until out currency gets better, which won't happen until the interest rate goes up.

Which would you prefer, cheap mortgage repayments or cheaper petrol?

fuel for me as i spend over £200 a month and dont have a mortgage.

[anonymous-user]

HellDiver said:

I'm hoping kerosene goes down. 60p a litre for 1000 litres is a bit harsh.

Indeed. It can be quite crippling.

[nouze]

HurryUpAndWait said:

FX...

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[snorkel sucker]

steebo888 said:

varsas said:

Not until out currency gets better, which won't happen until the interest rate goes up.

Which would you prefer, cheap mortgage repayments or cheaper petrol?

fuel for me as i spend over £200 a month and dont have a mortgage.

Thats assuming that we all have the "luxury" of being on a tracker mortgage. Not all of us do. And i'd also like to bet that once rates do again rise that there will be a lot of people struggling to cope after treating the drop in their mortgage payments as an increase in their disposable income, rather than overpaying.