Petrol / Diesel price increases

Ergates

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

The bit you've missed was noted by Bigphil1474 above - the big difference between 2010 and now, is that at the moment the pound is very weak against the dollar (largely thanks to Brexit) , and all crude oil sales are done in dollars. 

Back in 2010, $1 of oil cost about 66p - today $1 of oil costs about 83p.   That's a 25% increase.

Bigphil1474

In 2009, VAT was 15%, in  January 2010 it went up to 17.5%, then went up to 20% in January 2011. 

wolvoman

Bigphil1474 said:

In 2009, VAT was 15%, in  January 2010 it went up to 17.5%, then went up to 20% in January 2011. 

Don't go around quoting facts on here - you'll upset those who consider their own made up opinions as more reliable.

diystarter7

Herzlos said:

diystarter7 said:

[Deleted User] 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.

Thanks. That is true but it is massive profits nevertheless.

diystarter7

Bigphil1474 said:

In 2009, VAT was 15%, in  January 2010 it went up to 17.5%, then went up to 20% in January 2011. 

Thanks but that alone does not explain the massive prices at the pumps.

With the price of oil PPB at record highs and close to of that 10 and 20 years ago, don't forget the UK is an oil nation so masses of taxes coming in.

motorguy

diystarter7 said:

Bigphil1474 said:

In 2009, VAT was 15%, in  January 2010 it went up to 17.5%, then went up to 20% in January 2011. 

Thanks but that alone does not explain the massive prices at the pumps.

With the price of oil PPB at record highs and close to of that 10 and 20 years ago, don't forget the UK is an oil nation so masses of taxes coming in.

It doesnt, but added to everything else explained prior to that by other posters it comes very close to it.

A._Badger

Ergates 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

The bit you've missed was noted by Bigphil1474 above - the big difference between 2010 and now, is that at the moment the pound is very weak against the dollar (largely thanks to Brexit) , and all crude oil sales are done in dollars. 

Back in 2010, $1 of oil cost about 66p - today $1 of oil costs about 83p.   That's a 25% increase.

And presumably the ubiquitous '[blame it on Brexit' also explains the huge price rises in the USA? 

tberry6686

diystarter7 said:

[Deleted User] 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

BP, Shell etc make only a tiny profit from selling petrol and diesel.  The vast bulk of their profits come from producing oil and gas for sale on the open market with the price effectively set by brokers on Wall Street.

RobM99

tberry6686 said:

diystarter7 said:

[Deleted User] 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

BP, Shell etc make only a tiny profit from selling petrol and diesel.  The vast bulk of their profits come from producing oil and gas for sale on the open market with the price effectively set by brokers on Wall Street.

Correct but there are good profits in "special products" such as feedstock to the print and car tyre companies, bitumen, waxes and components to chemical companies.

tberry6686

RobM99 said:

tberry6686 said:

diystarter7 said:

[Deleted User] 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

BP, Shell etc make only a tiny profit from selling petrol and diesel.  The vast bulk of their profits come from producing oil and gas for sale on the open market with the price effectively set by brokers on Wall Street.

Correct but there are good profits in "special products" such as feedstock to the print and car tyre companies, bitumen, waxes and components to chemical companies.

The extras usually come from the refiners with relatively fixed costs apart from the oil price. (sometimes they are the oil companies as well but not always)