Petrol prices

molerat

molerat said:

Started heading in the right direction at last.  My local Esso is down to 155.9 from 161.9 this morning from 163.9 on Friday,

Esso still at 155.9 with Asda at 164.7 and Tesco at 163.9.

At least they will go down at 6pm 

greyteam1959

molerat said:

molerat said:

Started heading in the right direction at last.  My local Esso is down to 155.9 from 161.9 this morning from 163.9 on Friday,

Esso still at 155.9 with Asda at 164.7 and Tesco at 163.9.

At least they will go down at 6pm 

Hopefully.

molerat

Well that lasted a long time.  Local Esso just put on 4p, 159.9 now.

Jaybee_16

In my area petrol at the nearest station was 160.9 before Chancellors announcement, 160.9 the following day and still 160.9 today. Someone is profiteering here. 

mark_cycling00

There's a shortage of supply and so the price goes up until people buy less. 
It's not the little local garage making profit. 
Look at Equinor - (Norwegian state run oil company) $31 billion profit on sales of $88 billion

p00hsticks

Jaybee_16 said:

In my area petrol at the nearest station was 160.9 before Chancellors announcement, 160.9 the following day and still 160.9 today. Someone is profiteering here. 

Apparently, Duty's paid when the retailer buys it from the supplier.

So it's a bit of a vicious circle - if a particular station is selling at the pump a higher price than its local competitiors, it's not going to get rid of the stuff it's already paid the higher duty on and not going to be able to get new supplies at the lower duty rate.

Petrol margins are too low to allow retailers to be able to reduce prices by that much without seeing the saving themselves.