OPEC raise price of Oil ... have fuel prices increased yet?

lazer-zxr

Typical, both cars have empty tanks at the moment, and I'm reading OPEC are raising the price of oil.
Has anyone noticed a price increase yet? How long does it usually take to filter through?

[Deleted User]

Bit quick, even for the oil companies

forgotmyname

Their crystal ball saw this coming and prices have already increased, (a while back).

20aday

Locally my petrol stations dropped their fuel prices when the £ vs. $ got slightly stronger and the price of Brent Crude dropped a few $.

I think this time next week we will see the higher prices at the pumps.

OPEC are cutting production (that's the reason we saw prices sub £1 earlier on in the year).

Of course higher prices means less demand worldwide... and hopefully it won't be too long before prices fall again.

iolanthe07

Any cut back of production from OPEC will quickly and easily be made up from US shale. There is masses of oil swirling around the world markets.

facade

Fill up today, the increase is usually made on a Friday afternoon, to catch people filling up at the end of the week.

forgotmyname

Everytime i see threads on fuel prices that image of the old guy filling up additional fuel cans at the petrol station springs to mind. A few cans not just one or two.
I thought he mush have a large garden of a fleet of petro mowers etc.

Then it clicked it was budget day. He must have been kicking himself when they dropped 2p off the price of petrol.

pogofish

I don't think that fuel prices fell in anything like proportion to the crude price to begin with?

globalds

This is more rhetoric

More oil is hitting the market than demand ..These reductions (a) will more than likely not happen and ( b) as has been posted previously ..Will be produced by none OPEC nations.

If the Price of fuel goes up ..It will be either that the pound has fallen or tax has increased

iolanthe07

pogofish wrote: »

I don't think that fuel prices fell in anything like proportion to the crude price to begin with?

No - that is because a huge portion of the pump price is excise duty and VAT.