Heating oil dropping like a stone

lulu999

Roughly 12 months ago I paid 30p a litre for heating oil. That was when oil was approx $80 a barrel and cable was approx $2.00. Today it's approx $90 a barrel and $1.75. Therefore the type of prices I should be getting are of the order of 38p a litre, not the 52p I'm being quoted!
Prices move with the speed of light when they go up, and like treacle when they go down.

oap

Here here, I agree, we are still hanging on, rang again yesterday around one or two distributors, cheapest quoted was 48p plus vat for 900, did not buy!
Somebody said whilst America is in turmoil, oil will come down, once they vote and things get back on an even keel, it will go up again, now what do we do!
Still got about five inches in tank, but it bloomin cold tonight, more like November,so it has had to go on or us oldies will get hypothermia!!

smallblueplanet

I know how you feel oap, I gave in and ordered on Tuesday. The good bit was (no doubt because of the high price of oil) they have reduced the quantity you have to order to get the 1st 'cheaper' price (50.55p ex vat/l). With Total it used to be 1000l but now its 700l. The bad bit is they won't tell you when its coming, just 'it'll be about a week, we're really busy'!!! Grrrr!

N9eav

lulu999 wrote: »

Roughly 12 months ago I paid 30p a litre for heating oil. That was when oil was approx $80 a barrel and cable was approx $2.00. Today it's approx $90 a barrel and $1.75. Therefore the type of prices I should be getting are of the order of 38p a litre, not the 52p I'm being quoted!
Prices move with the speed of light when they go up, and like treacle when they go down.

I agree. I found this "Remember that the processing distribution and profit costs as well as the considerable tax charge are all levied in pounds, not in dollars, so even with a fall in prices with a weakening pound and the desire of the oil companies to make as much from their finite resources as they can, we are unlikely to see much of a reduction in price at the pump.".

But I am not sure I understand the principle either. Diesel should be back to £1 a litre in real terms. Someone is making a lots of money in profit at the moment.

oap

Maybe it's not possible, but ought the government step in and try and sort out this profiteering? Also, I am glad the conservatives are not in power, people have short memories, but when labour took over one of the first things they did was reduce the vat on electric, gas and domestic oil from seventeen and a half per cent to five percent, think what it would be if it was still seventeen and ahalf per cent, actually on keeping ourselves warm, there should not be any vat at all on it I suppose.

oap

lulu999

As I look at the moment, it's trading at $77.88 a barrel. Lower in actual terms and lower still in real terms! There's no excuse for delays in prices being passed to the consumer. It's not as if it's, "old stock bought at the height", or any other mealy mouthed excuse they may come up. Why drop the prices when they realise we've already got used to the shock of the price rises and are still going to have to buy it anyway.

N9eav

Boiler juice is quoting heating oil at 46p in my area for today. It's sure to drop some more. But like you said not as fast as it should do.

A._Badger

Yes, boilerjuice has just quoted me 46p, too (12th October). Given the market price of oil last week, they must be joking!

Fortunately, I'm quite willing to keep the heating switched off and use my wood burner. If enough of us can do similar, the oil companies will simply have to start passing on the savings.

milliemonster

Boilerjuice quoted me 42p a litre yesterday for my area, I am soooooo hoping it keeps dropping more!!!

N9eav

Ours is down to 44.95. Thats almost 10p down from 2 months ago. It's not dropping as fast as wholesale oil, neither is forcourt diesel which is a little frustrating. Every penny helps though:D