Petrol / Diesel prices

[JohnnyDee]

A few months ago fuel was around £0.99p per litre, but lately this seems to be increasing at roughly a rate of a penny a week. Best you can do round our way is £1.09.9

I am no global commodities expert but am unaware of the price of crude oil spiraling upwards, or if it is then no-one seems to be reporting it.

My question is simple therefore, are we being treated to another cynical instance of rip-off Britain?

Anyone?

 

[Hobbit]

A few months ago fuel was around £0.99p per litre, but lately this seems to be increasing at roughly a rate of a penny a week. Best you can do round our way is £1.09.9

I am no global commodities expert but am unaware of the price of crude oil spiraling upwards, or if it is then no-one seems to be reporting it.

My question is simple therefore, are we being treated to another cynical instance of rip-off Britain?

Anyone?

At the turn of the year, oil was $27 a barrel. It broke through the $50 mark this week. The cheapest well in the North Sea pulls oil at €18 but that is an extreme, and most pull at €60 a barrel. It's running at a loss, evidenced by over 80,000 job losses and another 20,000 predicted if oil doesn't hit €60 by September.

America bringing its oil production in from domestic shale oil fields, and the lifting the embargo on Iran's exports drove the price down.

I'd say it's gone too far down. As painful as it is it needs too up a bit more.

 

[Jensen]

As Hobbit said, with Irans sanctions lifted this has made a massive difference to supply and demand, hence the price went down. However there's talk of OPEC, the oil producing companies cartel of reducing production, hence the price of oil going up.

 

[JohnnyDee]

At the turn of the year, oil was $27 a barrel. It broke through the $50 mark this week. The cheapest well in the North Sea pulls oil at €18 but that is an extreme, and most pull at €60 a barrel. It's running at a loss, evidenced by over 80,000 job losses and another 20,000 predicted if oil doesn't hit €60 by September.

America bringing its oil production in from domestic shale oil fields, and the lifting the embargo on Iran's exports drove the price down.

I'd say it's gone too far down. As painful as it is it needs too up a bit more.

Was hoping for an explanation with a few more specifics to be honest

Cheers.

 

[bobmac]

Don't forget, more than half of what you pay is tax

 

[Alex1975]

Don't forget, more than half of what you pay is tax

Yes but that has no bearing on the fluctuation....

 

[Hobbit]

Was hoping for an explanation with a few more specifics to be honest

Cheers.

Oh, I could give you specifics in spades... :ears: The "Location: Aberdeen" might give it away...

 

[bobmac]

Yes but that has no bearing on the fluctuation....

You're right, tax only takes up 70% of what you pay at the pump

 

[Three]

Don't worry about the fluctuation, it's been exactly the same here in darkest mainland Europe.

Diesel was down to 68p, gone up to 74p right now.

But yes, you are getting ripped off.

 

[Crazyface]

Don't worry about the fluctuation, it's been exactly the same here in darkest mainland Europe.

Diesel was down to 68p, gone up to 74p right now.

But yes, you are getting ripped off.

WHAT !

 

[Three]

WHAT !

Just exactly as I said.

British prices are a joke for many items.

 

[Slab]

Just exactly as I said.

British prices are a joke for many items.

Yup its that tax thing
Even here, where every drop has to be imported by tanker, unleaded is £0.89p a litre