Energy news in general

Lorian

That could be £2.30 litre for petrol.

Swipe

https://forums.moneysavingexpert.com/discussion/comment/81912053#Comment_81912053

I can see @hertslad 's thread being popular next winter.

QrizB

https://forums.moneysavingexpert.com/discussion/comment/81912082#Comment_81912082

Probably not.

A barel of crude oil is about 160 litres so the price of crude will be increasing from 44 cents a litre to 94 cents. An increase of 50 cents, which is (at current exchange rates) about 37p. Allowing for 20% VAT that's 41p to add to the sale price.

So if petrol was £1.30 previously, it would become £1.71 if the only increase was due to the cost of the crude.

Swipe

And then add on the increase in fuel duty proposed for September.

Scot_39

2p already more than surpassed in last few days.

Especially on diesel. Where treasury is now getting near enough that 2p on 20% vat alone.

One garage pricing on I guess cost to replace / last order more like 15p up - 17% of which 2.5p

JKenH

https://forums.moneysavingexpert.com/discussion/comment/81912053#Comment_81912053

Most of the focus is on gas and electricity price rises but those of us with oil fired central heating are getting hammered already. I paid 50.97 p/litre plus 5% VAT in September. I had a look at current prices and saw this.

Scot_39

https://forums.moneysavingexpert.com/discussion/comment/81912457#Comment_81912457

Dont forget many large apartment complexes are tied to wholesale market rates as well. Some will be on fixes, some will be on catch-up - so will pay at next price revision for shortfall on current rates - and others will be live.

During crisis - I remember lots of articles from folk who were paying wholesale linked rates - without any real filtering - getting bills in the £1000s at the peak. Like this one for instance just for the live impact.

https://www.independent.co.uk/news/business/energy-bills-price-cap-heating-b2009112.html

There was lots of media pressure at time and iirc Ofgem were meant to be looking at it - but I lost track as not directly impacted. Are they now any better protected ?

I dont know how long it takes to get a delivery and when your price would be fixed (order day ?) - but at least those with home oil or LPG tank based heating systems potentially had the choice to top up their tanks in advance.

JKenH

https://forums.moneysavingexpert.com/discussion/comment/81912681#Comment_81912681

It is usually a few days between order and delivery. We buy our oil as part of a village buying group with the tanker coming once a month. We are usually given the price a few days before the scheduled delivery date but that can often be put back a week or two. This month the first reminder to place an order came on Sunday, to order by Friday, but this time there has been no price quoted. 


Some suppliers are honouring prices quoted but others not. There may be some profiteering involved or there may not. If the oil company has genuinely seen the price rise to more than what they are selling it for one can understand them saying they can’t honour the price. (I doubt it works the other way when the price is falling). Perhaps the prices being quoted online are baking in the prospect of further price rises before delivery.

Scot_39

https://forums.moneysavingexpert.com/discussion/comment/81912985#Comment_81912985

Ah much more often than I thought. I had 1-2 per year in mind based on a colleagues pattern.

JKenH

https://forums.moneysavingexpert.com/discussion/comment/81913523#Comment_81913523

Sorry, I should have made that a bit clearer. The tanker comes to the village once a month but we don’t all need a top up. I last had a delivery in September. I haven’t checked my tank recently but it holds 600 gallons (2700 litres) so I try to only top up when it is a good price.