Petrol Price

nevica

Hello,

The price of a barrel of oil in the few weeks has dropped dramatically:

On 1st May a barrel was priced at 125.5 dollars. Today it is 110 dollars approx. This means that the price has dropped by 12.3% since 1st May.

Why has the consumer not seen this reflected in the price at the pump?

Nevica

flyingscotno1

To be honest we are not that off. Near me diesel is 136.9 whereas it was 140.9 last week or so.

What to remember is exchange rates play a small part. At May 1, the pound was at it's highest against the dollar, so that needs to be taken into account.

molerat

Asda made a big fuss about "slashing" the price of petrol last week, funny they did not make a big fuss of putting it back up again this week !!

jaydeeuk1

Hopefully it will hit £2.00+ a litre soon, make the roads clearer for me.

nevica

£2.00 a litre seems excessive. I prefer £2.00 a gallon.

At the moment the price is approximately £5.70 a gallon.

So, are you saying that the recent freeze in petrol prices is due to the weakness of the pound against the dollar given the reduction in price of a barrel of oil?

Nevica

wobbley

Weren't we told at the time of the Egyptian (and others) unrest that the oil price was going up due to fears of passage through the Suez Canal being affected ?

maninthestreet

Remember, the majority of the price you pay at the pump for petrol is tax and duty.

moonrakerz

Move here ..............

http://www.guardian.co.uk/business/2008/jan/18/oil.venezuela

grizzly1911

Diesel for me has come down but not at our local COOP where it hasn't budged from a high of 143.9.

Filled up on way home tonight, not my normal route unfortunately at ASDA 135.7 same as last weeks low.

As other posters have said in addition to the price in dollars that we have to pay tax takes up such a big slice that price doesn't vary as much.

If you wind the clock back 2 years the government effectively devalued sterling making fuel more expensive as we have to pay for it in dollars. (also drove inflation up for a range of commodities)

Then there have been the conflicts, increased world demand, additional fuel duty, increased in VAT.

Against that the middle east is quietening down, Bin Laden has been removed (apparently), Japan crisis is being understood which should help.

Oh and then there are the commodity brokers playing the market. Must not forget them.:rotfl:

[Deleted User]

I thought Asda had a national pricing policy on fuel?

I've just filled up a tenner at Asda 15 minutes ago at 134.7p a litre.

molerat

Asda has UL at 135.7, D at 136.7. Tesco has gone silly with diesel (138.9) and is being undercut by 2 local independants (137.9).