Petrol / Diesel price increases

oldagetraveller1

And to go off on a bit of a tangent and the way many are still driving the increases don't seem to have bothered them in the least. e.g. excessive speed, grand prix take offs, too much braking (i.e.not looking ahead) travelling too close = more braking etc..

dd95

yep I've adopted better driving practices, not sure if its made a great deal of difference. Currently paying 85-90 quid per tank every 8 days or so

diystarter7

Car_54 said:

diystarter7 said:

Thanks all. I was referring to whatever rate was in the link I posted.
You would have noted as per mu post that oil PPB was around the 140 mark 2010 and several times and many years before that and I'm guess petrol/diesel was 20-25p a litre.

It is profiteering no matter how much prices have increased. A few years ago I think around 4 years oil price collapsed and along with covid more recently, did we see fuel at 40/50 per litre.

It is profiteering and hitting the hardest the lowest-paid workers and carers that have to work/care and public transport is not great there.

Thanks, I heard a few days ago re tax at 45% but some of the blame goes to the companies in my opinion

You'll see from the previous post that the oil company is making 1.7p per litre, less the cost of delivery, and the retailer 3.5p.
Which of them is profiteering?

So how else do the  oil giants make a profit?
BP is making billions

diystarter7

sheramber said:

diystarter7 said:

Thanks all. I was referring to whatever rate was in the link I posted.
You would have noted as per mu post that oil PPB was around the 140 mark 2010 and several times and many years before that and I'm guess petrol/diesel was 20-25p a litre.

It is profiteering no matter how much prices have increased. A few years ago I think around 4 years oil price collapsed and along with covid more recently, did we see fuel at 40/50 per litre.

It is profiteering and hitting the hardest the lowest-paid workers and carers that have to work/care and public transport is not great there.

Thanks, I heard a few days ago re tax at 45% but some of the blame goes to the companies in my opinion

Like everything else  cost depends on supply and demand.

That is why the price went down during covid as people were not travelling as much.

Production costs for the oil companies will be much higher now than they were in 2010.

More demand for fuel now than 2010. 

My grocery bill is more than it was 2010. 

My utility bills are more than they were in 2010.

A visit to the cinema is dearer now than in 2010.

House prices are more than they were in 2010.

Can you name something that is the same price as it was in 2010?

https://www.petrolprices.com/the-price-of-fuel/

sheramber said:

diystarter7 said:

Thanks all. I was referring to whatever rate was in the link I posted.
You would have noted as per mu post that oil PPB was around the 140 mark 2010 and several times and many years before that and I'm guess petrol/diesel was 20-25p a litre.

It is profiteering no matter how much prices have increased. A few years ago I think around 4 years oil price collapsed and along with covid more recently, did we see fuel at 40/50 per litre.

It is profiteering and hitting the hardest the lowest-paid workers and carers that have to work/care and public transport is not great there.

Thanks, I heard a few days ago re tax at 45% but some of the blame goes to the companies in my opinion

Like everything else  cost depends on supply and demand.

That is why the price went down during covid as people were not travelling as much.

Production costs for the oil companies will be much higher now than they were in 2010.

More demand for fuel now than 2010. 

My grocery bill is more than it was 2010. 

My utility bills are more than they were in 2010.

A visit to the cinema is dearer now than in 2010.

House prices are more than they were in 2010.

Can you name something that is the same price as it was in 2010?

https://www.petrolprices.com/the-price-of-fuel/

Sorry, I think you are simply confused.

The price of almost everything you posted is not the same as what it was 10/20 years ago its gone up.

The price PPB of oil is not higher than 20 or so years peak.

When the price was around 40 dollars PPB, the price at the pumps was still around 120/30

Clearly profiteering oil giants and the government by getting a bigger tax revenue.

Bigphil1474

According to Sheramber's figures, the wholesale cost of petrol is about the same as the tax - I guess that's where the profit is. The oil company sell the oil to the refinery, who make the petrol and then sell it. If the same company are involved from oil extraction to petrol sale, then they can add any margin they want. All the non-producer petrol retailers have to pay the wholesale cost which is beyond their control. Would be interesting to know what the wholesale petrol cost is made up of.

ontheroad1970

diystarter7 said:

sheramber said:

diystarter7 said:

Thanks all. I was referring to whatever rate was in the link I posted.
You would have noted as per mu post that oil PPB was around the 140 mark 2010 and several times and many years before that and I'm guess petrol/diesel was 20-25p a litre.

It is profiteering no matter how much prices have increased. A few years ago I think around 4 years oil price collapsed and along with covid more recently, did we see fuel at 40/50 per litre.

It is profiteering and hitting the hardest the lowest-paid workers and carers that have to work/care and public transport is not great there.

Thanks, I heard a few days ago re tax at 45% but some of the blame goes to the companies in my opinion

Like everything else  cost depends on supply and demand.

That is why the price went down during covid as people were not travelling as much.

Production costs for the oil companies will be much higher now than they were in 2010.

More demand for fuel now than 2010. 

My grocery bill is more than it was 2010. 

My utility bills are more than they were in 2010.

A visit to the cinema is dearer now than in 2010.

House prices are more than they were in 2010.

Can you name something that is the same price as it was in 2010?

https://www.petrolprices.com/the-price-of-fuel/

sheramber said:

diystarter7 said:

Thanks all. I was referring to whatever rate was in the link I posted.
You would have noted as per mu post that oil PPB was around the 140 mark 2010 and several times and many years before that and I'm guess petrol/diesel was 20-25p a litre.

It is profiteering no matter how much prices have increased. A few years ago I think around 4 years oil price collapsed and along with covid more recently, did we see fuel at 40/50 per litre.

It is profiteering and hitting the hardest the lowest-paid workers and carers that have to work/care and public transport is not great there.

Thanks, I heard a few days ago re tax at 45% but some of the blame goes to the companies in my opinion

Like everything else  cost depends on supply and demand.

That is why the price went down during covid as people were not travelling as much.

Production costs for the oil companies will be much higher now than they were in 2010.

More demand for fuel now than 2010. 

My grocery bill is more than it was 2010. 

My utility bills are more than they were in 2010.

A visit to the cinema is dearer now than in 2010.

House prices are more than they were in 2010.

Can you name something that is the same price as it was in 2010?

https://www.petrolprices.com/the-price-of-fuel/

Sorry, I think you are simply confused.

The price of almost everything you posted is not the same as what it was 10/20 years ago its gone up.

The price PPB of oil is not higher than 20 or so years peak.

When the price was around 40 dollars PPB, the price at the pumps was still around 120/30

Clearly profiteering oil giants and the government by getting a bigger tax revenue.

There are more costs to selling fuel than just the wholesale price of fuel.  Just as when you go to a cafe and they charge you much more than the base price of the ingredients, there are other costs - transport, handling, staffing etc.  All these prices have gone up, and you also have to bear in mind exchange rates at the same time.  

I'm self employed and am working in Korea at the moment and am being paid in US$.  Good for me at the moment, but not good for the purchase price of fuel - it's costing a lot more than in 2010 because in times of crisis, the dollar shores everything up which pushes up it's value:

Say that crude oil is $130 a barrel.  in 2010 that was roughly £87 a barrel.  It is now more than £108 a barrel.  Then there is the cost of refining the crude into petrol and diesel - all those costs have increased too.  

I saw many petrol stations profiteering when the 5p drop in duty was put through - putting up their prices by 5p a litre just before the cut came into force, and then dropping 5p from there back to the price it was the day before.  Yep that is profiteering plain and simple and they should be taken to task for it, but the wider issue isn't as simple as you think it is.

Nobbie1967

diystarter7 said:

Car_54 said:

diystarter7 said:

Thanks all. I was referring to whatever rate was in the link I posted.
You would have noted as per mu post that oil PPB was around the 140 mark 2010 and several times and many years before that and I'm guess petrol/diesel was 20-25p a litre.

It is profiteering no matter how much prices have increased. A few years ago I think around 4 years oil price collapsed and along with covid more recently, did we see fuel at 40/50 per litre.

It is profiteering and hitting the hardest the lowest-paid workers and carers that have to work/care and public transport is not great there.

Thanks, I heard a few days ago re tax at 45% but some of the blame goes to the companies in my opinion

You'll see from the previous post that the oil company is making 1.7p per litre, less the cost of delivery, and the retailer 3.5p.
Which of them is profiteering?

So how else do the  oil giants make a profit?
BP is making billions

There are three main elements to oil company profits. 

1) Forecourt retailing which has very low margins, but consistent profits.

2) Refining which again usually has very low margins, but these have probably gone up recently due to lack of capacity as there wasn’t enough money in it to make building new plants worthwhile.

3) Exploration and recovery - This is high risk and high reward for the oil companies. They have to invest a lot of money and are entirely at the mercy of the markets to make a return. Oil prices are very volatile and as recently as 2020 they were making massive losses due to lack of demand pushing the price down. Ironically, low prices disincentivise investment in the short term which drives up prices in the long term. This is the bit that is currently making huge profits, but if we drop into recession and demand drops, then they will likely start making losses again depending on how far the price of crude drops

diystarter7

@ontheroad1970

I agree there are wider issues as you have stated but on the whle re fule at the pumps, it is driven by greed by the oil co's and gov's.

Herzlos

diystarter7 said:

Car_54 said:

diystarter7 said:

Thanks all. I was referring to whatever rate was in the link I posted.
You would have noted as per mu post that oil PPB was around the 140 mark 2010 and several times and many years before that and I'm guess petrol/diesel was 20-25p a litre.

It is profiteering no matter how much prices have increased. A few years ago I think around 4 years oil price collapsed and along with covid more recently, did we see fuel at 40/50 per litre.

It is profiteering and hitting the hardest the lowest-paid workers and carers that have to work/care and public transport is not great there.

Thanks, I heard a few days ago re tax at 45% but some of the blame goes to the companies in my opinion

You'll see from the previous post that the oil company is making 1.7p per litre, less the cost of delivery, and the retailer 3.5p.
Which of them is profiteering?

So how else do the  oil giants make a profit?
BP is making billions

They sell a lot of fuel. The UK consumes about 4bn litres of petrol and diesel every month.

Ergates

sheramber said:

https://www.rac.co.uk/drive/advice/fuel-watch/

What makes up the cost of a litre of unleaded petrol?

Table with 3 columns and 9 rows. Currently displaying rows 1 to 9.

	Pence per litre	% of total cost
Wholesale petrol (90%)	83.42	45%
Bio content (up to 10%) - E10	12.65	7%
Delivery & oil company	1.70	1%
Retailer margin	3.47	2%
Fuel duty	52.95	29%
VAT @ 20%	30.84	17%
Retail price	185.04
Total tax	83.79
Tax as % of average retail price	45%

What was the tax rate on fuel in 2010 - I don't think it was much different than now.