MSE News: Hopes of £1/litre petrol fading as prices start to rise again

Crabman

Has anyone seen a graph that shows the crude oil price alongside the UK unleaded pump price?

It would be interesting to see whether there is substance to the allegations that price cuts take longer to be reflected at the pump than price rises.

im-lost

Totality wrote: »

A petrol price INCREASE story on MSE? *passes out*

don't encourage them, we will have announcements for increases and decreases now

scaredofdebt

20aday wrote: »

Quite why oil prices have suddenly risen (aside political unrest, pounds sterling vs US dollar etc) I can't seem to find out.

It's speculators playing the markets, they are trying to test to see if prices have actually hit bottom or not.

Most evidence suggests prices will fall further as demand is still low with output high in places like the US due to fracking. OPEC aren't cutting output either so prices should fall if basic economics is allowed to play out without interference from people playing the markets.

Demand should fall further as we leave the coldest months behind.

Of course a war in Ukraine, the Baltics etc could push prices up due to uncertainty.

Fergie76

So oil price begins to rise and petrol goes up almost immediately, yet when oil price falls, we are told we don't see an immediate fall in price due to bulk buying of oil...

ado

It was always pretty unlikely to happen given how much tax there is in a litre of fuel, fixed production costs and the exit of companies which couldn't make enough money in a dropping market. It was not surprising that the price of oil started to increase as production reduced among the smaller players.

dacouch

I'm paying (Well my boss) £1.17 in Central London

Pincher

BBC News 24 seems to be doing an oil special next Tuesday.
No details yet, just a short mention.

lincroft1710

I can remember when there was disbelief that petrol would cost as much as £1 a gallon.

20aday

From the Shares page in The Sun today I've noticed the price of Brent Crude has dropped around a $ since yesterday so hopefully we'll see a downward trend again.

orionmoo

Bit late the to news MSE. Prices have been going up since the start of Feb. It was down to 102.9p at a garage on my way to work in East Anglia (contrary to MSE keep on saying that east Anglia is the most expensive. Or perhaps it's that petrol price website telling them - useless that website it doesn't even show tesco or sainsburys where I fill up. says the nearest and cheapest is further away and more expensive than where I actually fill up, but that's another story).

Since start of Feb it slowly crept up to 109.9p, but Sainsburys only gone up 1p to 104.9p. I get 3% cash back with my utility warehouse cash back card anyway so it's still close to £1 a litre for me