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Brent Crude down so why are the forecourt prices not??
Transalper
Posts: 96 Forumite
I saw the price of Brent crude down as low as $84 per barrel Wednesday so why has the price of petrol, diesel and heating oil remained the same??:mad:
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Aaaaaaaaaaaaahhhhhhhhhhhhhhhhhhh !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0
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That was going to be the title for the thread but my valium kicked in!Aaaaaaaaaaaaahhhhhhhhhhhhhhhhhhh !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0 -
I believe the £/$ ratio has dampened to some extent the speed of fall but the more cynical part of me is that other events are consuming people's times so not enough coverage/complaining can get airtime at the moment. Feels like a competitive market that isnt really working...0
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The barrel of Brent crude that was sold at $84 dollars on Wednesday will not reach your local Tesco petrol station for several weeks yet.
People also seem to forget that when oil prices were going up there was also a lag between the oil and the petrol rises - it just wasn't as obvious because of the continuous stream of oil increases.
This chart isn't fully up to date but it does show the close correlation between oil and petrol prices in the UK.
Don't forget the biggest proportion of what you pay at the pump is TAX !
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First of all, those of us using oil for central heating, all the talk is of petrol prices, but what about oil prices?
Yesterday I phoned around yet again for domestic oil price, as still hanging on with four inches left in our tank. Have phoned about six companies every week for last three weeks, coming down from 51.98 to yesterday at £46.75 both plus vat.
I was quoted yesterday also, 48.38 as a special offer for regular customers.
We only fill our one thousand litre tank twice a year, even though we are in a four bed dormer bungalow! (Pensioners)
What we want to know if anyone can help, yesterday crude was 83 dollars, this morning it is 79, we know it is the crude price, but when does this filter through to the domestic oil market? How long does it take? Who is making the profits?
As between yesterday and today it does not cost any more to get crude into a barrel, why the huge price rises of late , surely the supply and demand is always there. We feel we are really being ripped off. Had a look at what we paid this time last year and it was two h undred pounds cheaper. WHAT IS GOING ON, my husband and I really cannot understand it.
So if anybody on here can, we would be really pleased, especially as to why out of six companies telephoned yesterday, it ranged from 48.98 down to 46.75 plus vat within a ten mile radius of where we live, and after all every one penny on a thousand litres is ten pounds.
We cannot afford to change our boiler, so are stuck with oil, when we moved here twenty three years ago it was 10p a litre.
Best wishes, oap's:j
PS IF ANYONE READS THIS WHO IS IN TOUCH WITH MARTIN, PLEASE COULD YOU ASK HIM TO EXPLAIN THIS NEXT TIME HE IS ON TV AS THERE ARE PLENTY OF PEOPLE AROUND US WHO WANT TO KNOW HOW IT ALL WORKS, MANY THANKS0 -
That graph is 2007 not 2008 :-)
Agree about the colleration. Let's see what happens, last time oil reached these low levels (only $8 drop to go and we're half the price of a few months ago), we were paying less than 90p at pumps. I know exchange rates a factor, but rates only down 21%, oil over 40%0 -
I heard on the radio this morning that the price reduction in crude will eventually trickle down to the forecourt but it will take a few weeks. The guy on the radio also suggested that other energy (gas & electric) could follow as a result! Basically it seems demand for crude is falling as we slide towards a recession. I've just had an offer from EDF to freeze my dual fuel until Sept' 09 but now I'm in a bit of confusion over what to do? Freeze and the price drops or freeze and the price goes up! Decisions, decisions, decisons and its always about money these days!Transalper wrote: »I saw the price of Brent crude down as low as $84 per barrel Wednesday so why has the price of petrol, diesel and heating oil remained the same??:mad:0 -
If you are pensioners you should be able to get grants for boilers and also insulation - have a look at http://www.energysavingtrust.org.uk/ You might save a small fortune....First of all, those of us using oil for central heating, all the talk is of petrol prices, but what about oil prices?
Yesterday I phoned around yet again for domestic oil price, as still hanging on with four inches left in our tank. Have phoned about six companies every week for last three weeks, coming down from 51.98 to yesterday at £46.75 both plus vat.
I was quoted yesterday also, 48.38 as a special offer for regular customers.
We only fill our one thousand litre tank twice a year, even though we are in a four bed dormer bungalow! (Pensioners)
What we want to know if anyone can help, yesterday crude was 83 dollars, this morning it is 79, we know it is the crude price, but when does this filter through to the domestic oil market? How long does it take? Who is making the profits?
As between yesterday and today it does not cost any more to get crude into a barrel, why the huge price rises of late , surely the supply and demand is always there. We feel we are really being ripped off. Had a look at what we paid this time last year and it was two h undred pounds cheaper. WHAT IS GOING ON, my husband and I really cannot understand it.
So if anybody on here can, we would be really pleased, especially as to why out of six companies telephoned yesterday, it ranged from 48.98 down to 46.75 plus vat within a ten mile radius of where we live, and after all every one penny on a thousand litres is ten pounds.
We cannot afford to change our boiler, so are stuck with oil, when we moved here twenty three years ago it was 10p a litre.
Best wishes, oap's:j
PS IF ANYONE READS THIS WHO IS IN TOUCH WITH MARTIN, PLEASE COULD YOU ASK HIM TO EXPLAIN THIS NEXT TIME HE IS ON TV AS THERE ARE PLENTY OF PEOPLE AROUND US WHO WANT TO KNOW HOW IT ALL WORKS, MANY THANKS0 -
The barrel of Brent crude that was sold at $84 dollars on Wednesday will not reach your local Tesco petrol station for several weeks yet.
If the price comes down 20% less, lets say for 2 weeks then go's back up the same just after I would bet my back teeth that this would be not mirrored on the forecourt or for domestic heating oil. I bet bus and taxi fares will not be reduced so much if it stays low!!
Some good news for motorists any way, latest news on radio, super markets are beginning a little price war and reducing fuel by 3p per lit:T0 -
The guy on the radio also suggested that other energy (gas & electric) could follow as a result! Basically it seems demand for crude is falling as we slide towards a recession. I've just had an offer from EDF to freeze my dual fuel until Sept' 09 but now I'm in a bit of confusion over what to do? Freeze and the price drops or freeze and the price goes up! Decisions, decisions, decisons and its always about money these days!
Q. Why do you think all the energy companies were throwing fixed rate/capped rate deals around like confetti ?
A.1. To help all their customers pay less.
A.2. To tie as many people in as possible to premium rate fixed deals - with a penalty for leaving. (before prices fell again)0
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