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Crude oil prices.
shortchanged_2
Posts: 5,546 Forumite
http://www.bbc.co.uk/news/business/market_data/commodities/143908/twelve_month.stm
Now, crude oil prices are pretty much 20% lower than they were from their last peak a few months ago.
Does this mean we can expect to see a similar drop in the prices at the pumps or am I dreaming.
Of course I'm dreaming. But seeing as we have had very little in the way of duty rises over the past couple of years is it actually unreasonable to see prices 20p or so a litre cheaper than they are now. Of course it isn't because there has been an investigation into petrol prices and the market is functioning very well..........apparently. :whistle:
Now, crude oil prices are pretty much 20% lower than they were from their last peak a few months ago.
Does this mean we can expect to see a similar drop in the prices at the pumps or am I dreaming.
Of course I'm dreaming. But seeing as we have had very little in the way of duty rises over the past couple of years is it actually unreasonable to see prices 20p or so a litre cheaper than they are now. Of course it isn't because there has been an investigation into petrol prices and the market is functioning very well..........apparently. :whistle:
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Comments
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The crude still has to get to the UK for refining.
Shipping costs have risen considerably over recent years.0 -
shortchanged wrote: »http://www.bbc.co.uk/news/business/market_data/commodities/143908/twelve_month.stm
Now, crude oil prices are pretty much 20% lower than they were from their last peak a few months ago.
Does this mean we can expect to see a similar drop in the prices at the pumps or am I dreaming.
Of course I'm dreaming. But seeing as we have had very little in the way of duty rises over the past couple of years is it actually unreasonable to see prices 20p or so a litre cheaper than they are now. Of course it isn't because there has been an investigation into petrol prices and the market is functioning very well..........apparently. :whistle:
Petrol prices have dropped over the last couple of weeks, diesel too. Song a dance being made by the likes of Asda and Morriosns.
Don't forget something like 80p per litre is duty and VAT.
that only leaves 60p for all the other bits, I am not sure what proportion of that is raw fuel cost. To expect more than 5p/l is probably asking a lot.
Diesel at my nearest Morrisons is £1.389/l my nearest Asda, if I were passing, is just £1.37p/l when it is usually about 4p/l difference. My local station is a COOP and they still want £1.449 which rarely gets used by me on principal (it isn't a low volume backwater site).
Not to worry having just come out of the winter period we will moving into the driving season."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
shortchanged wrote: »Now, crude oil prices are pretty much 20% lower than they were from their last peak a few months ago.
Oil is traded in US$. £ is down around 7% against the $ some 12 months ago.0 -
shortchanged wrote: »Now, crude oil prices are pretty much 20% lower than they were from their last peak a few months ago.
Does this mean we can expect to see a similar drop in the prices at the pumps or am I dreaming.
The cost of crude is only around 30% of the final price at the pump. The rest is mostly taxes, with a tiny bit of refining costs, transportation costs and profit.
So a 20% decrease in crude prices should translate to roughly a 6% decrease in petrol at the pump.
Average prices are currently at around £1.35, having peaked at around £1.43, so not far off.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
IF the current price sticks, around 12p could come off over the next couple of months.0
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Graham_Devon wrote: »IF the current price sticks, around 12p could come off over the next couple of months.
How do you figure that?“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »How do you figure that?
That was wrong, was meant to say 6p, dunno why I doubled it
Probably about 10p for petrol from the 138p high though.
On another note, this Bold Black Cherry cider is rather nice!0 -
Thrugelmir wrote: »The crude still has to get to the UK for refining.
Shipping costs have risen considerably over recent years.
Eh? Despite fuel costs having rocketed freight rates are on the floor and have been for a few years.0 -
Graham_Devon wrote: »
On another note, this Bold Black Cherry cider is rather nice!
Sure you aren't on the codeine linctus instead?"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »That was wrong, was meant to say 6p, dunno why I doubled it
Probably about 10p for petrol from the 138p high though.
On another note, this Bold Black Cherry cider is rather nice!
Never mind, your alter ego still thanked it
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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