More inflationary pressures - Petrol

Graham_Devon

Petrol prices could soar by 8% by the beginning of next year, it has been predicted.

And the cost of filling up at the pumps could rise by 3% by this August Bank Holiday weekend.

The warning to motorists came from the Retail Motor Industry Independent Petrol Retailers Association (RMI Petrol). It put the blame for the expected rises on currency movements and world oil price increases.

RMI Petrol, which represents around two-thirds of Britain's 9,000 petrol forecourt sites, said petrol prices could rise as high as 125.9p per litre in the new year, smashing the current record high of 121.61p.

Just a prediction, but not like it hasn't happened before!! Would certainly add to inflationary pressures, unfortunately. However, this increase does include the rise in VAT and the rise in duty about to come in.

Apparently prices could rise 4p a litre in the next 3 weeks.

http://www.google.com/hostednews/ukpress/article/ALeqM5hTpyxqhMQzd2UUi_bX7nArMIivNQ

A._Badger

The usual scam. Whatever happens to the currrency, or the price of crude, petrol always seems to cost more.

CLAPTON

stange

motorway service stations are already charging 125 per litre for standard unleaded

Pete111

CLAPTON wrote: »

stange

motorway service stations are already charging 125 per litre for standard unleaded

yep! I was stung for 125.9 at the weekend

found a 113.9 later though - so it averaged out

LeeSouthEast

I seem to recall The AA were touting "£1.50/litre by summer". That never happened either...

Really2

Just thought I would revive this, look how three days spoils a prediction.



Down 2% today, Now $76.12, down around 6% in three days.

Graham_Devon

Really2 wrote: »

Just thought I would revive this, look how three days spoils a prediction.



Down 2% today, Now $76.12, down around 6% in three days.

Hasn't spoilt the prediction. The prediction ran up until next year.

It's down to the same price as it was a couple of weeks ago. Great. Were all saved.

Mr_Mumble

Really2 wrote: »

Just thought I would revive this, look how three days spoils a prediction.



Down 2% today, Now $76.12, down around 6% in three days.

Has hardly anything to do with the prediction given that:

1. Cable has fallen 2.5% to offset this USD oil price fall (dollar up, oil down and vice versa is the norm).

2. Petrol forecourt prices have very little to do with the oil price and a lot to do with government taxation. With two more rises in taxation by January 5th rising prices are a near certainty.

Really2

Graham_Devon wrote: »

Hasn't spoilt the prediction. The prediction ran up until next year.

It's down to the same price as it was a couple of weeks ago. Great. Were all saved.

I would presume a prediction was done before growth prospects for a few countries were revised.

The reason it is falling is based on that, slower growth means prices will not hit as high as they would have.

Really2

Mr_Mumble wrote: »

Has hardly anything to do with the prediction given that:

1. Cable has fallen 2.5% to offset this USD oil price fall (dollar up, oil down and vice versa is the norm).

2. Petrol forecourt prices have very little to do with the oil price and a lot to do with government taxation. With two more rises in taxation by January 5th rising prices are a near certainty.

1) the $ has fallen less than 2% since the 9th oil has fallen 6% (so it cost converted to £'s is lower)

2) I agree on tax, but the prediction in the OP disagrees on oil prices.

movements and world oil price increases

Graham_Devon

Really2 wrote: »

I would presume a prediction was done before growth prospects for a few countries were revised.

The reason it is falling is based on that, slower growth means prices will not hit as high as they would have.

We've got 4 months yet until the start of next year. It's a bit premature to therefore state their prediction is wrong, because oil prices have fallen $5 a barrel this week.