Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Former MSE Paloma
    • By Former MSE Paloma 5th Jan 15, 11:44 AM
    • 526Posts
    • 245Thanks
    Former MSE Paloma
    MSE News: Further petrol price cuts at Asda bring RAC's predicted £1 a litre closer
    • #1
    • 5th Jan 15, 11:44 AM
    MSE News: Further petrol price cuts at Asda bring RAC's predicted £1 a litre closer 5th Jan 15 at 11:44 AM
    "Asda will cut petrol prices by 2p/litre from tomorrow, bringing prices to a five year low at its forecourts ..."

    Read the full story:

    Further petrol price cuts at Asda bring RAC's predicted £1 a litre closer




    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • Pincher
    • By Pincher 5th Jan 15, 12:45 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #2
    • 5th Jan 15, 12:45 PM
    • #2
    • 5th Jan 15, 12:45 PM
    http://www.telegraph.co.uk/finance/newsbysector/energy/11308952/Opec-Oil-plummets-after-Saudis-says-20-crude-is-possible.html




    With a beard, these OPEC guys could dress up as Santa Klaus.
    Cheap oil: the perfect Christmas present.
    • aldredd
    • By aldredd 5th Jan 15, 1:20 PM
    • 918 Posts
    • 659 Thanks
    aldredd
    • #3
    • 5th Jan 15, 1:20 PM
    • #3
    • 5th Jan 15, 1:20 PM
    It may seem like that - and I'm by know means complaining - but not for one moment should anyone think Opec are being 'nice' by maintaining output levels (which is what is keeping prices low).

    Their hope is that it'll scare off investments in other sources of oil and gas (eg, Shale in the US), which would have a bigger, longer term impact on the Opec countries than seeing prices drop to where they are now. They're playing the long game for sure.
    • bod1467
    • By bod1467 5th Jan 15, 1:26 PM
    • 14,794 Posts
    • 13,463 Thanks
    bod1467
    • #4
    • 5th Jan 15, 1:26 PM
    • #4
    • 5th Jan 15, 1:26 PM
    Oh look! Another supermarket advert.
    • reddwarf2002
    • By reddwarf2002 5th Jan 15, 1:32 PM
    • 522 Posts
    • 132 Thanks
    reddwarf2002
    • #5
    • 5th Jan 15, 1:32 PM
    • #5
    • 5th Jan 15, 1:32 PM
    It may seem like that - and I'm by know means complaining - but not for one moment should anyone think Opec are being 'nice' by maintaining output levels (which is what is keeping prices low).

    Their hope is that it'll scare off investments in other sources of oil and gas (eg, Shale in the US), which would have a bigger, longer term impact on the Opec countries than seeing prices drop to where they are now. They're playing the long game for sure.
    Originally posted by aldredd
    Absolutely agree. OPEC are a bunch of blood sucking vermins.
    • gilbert and sullivan
    • By gilbert and sullivan 5th Jan 15, 2:12 PM
    • 3,162 Posts
    • 2,140 Thanks
    gilbert and sullivan
    • #6
    • 5th Jan 15, 2:12 PM
    • #6
    • 5th Jan 15, 2:12 PM
    I thought the Saudi's were playing ball with the EU/American plan to teach Putin a lesson (yeah right, good luck with that one, Russia aint Libya/Iraq) for not bending over and accept another EU/NATO in Ukraine.

    Must ask the MSM what to think.
    • Paul_Herring
    • By Paul_Herring 5th Jan 15, 4:50 PM
    • 7,027 Posts
    • 3,725 Thanks
    Paul_Herring
    • #7
    • 5th Jan 15, 4:50 PM
    • #7
    • 5th Jan 15, 4:50 PM
    At £1.00 a litre:

    16.67p is VAT
    58p is excise duty.
    25.33p is the actual petrol.

    Anyone got any opinions on how else the price could be lowered?
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • OddballJamie
    • By OddballJamie 5th Jan 15, 4:58 PM
    • 2,589 Posts
    • 1,321 Thanks
    OddballJamie
    • #8
    • 5th Jan 15, 4:58 PM
    • #8
    • 5th Jan 15, 4:58 PM
    At £1.00 a litre:

    16.67p is VAT
    58p is excise duty.
    25.33p is the actual petrol.

    Anyone got any opinions on how else the price could be lowered?
    Originally posted by Paul_Herring
    You forgot the fuel station's profit margin.
    • bod1467
    • By bod1467 5th Jan 15, 5:00 PM
    • 14,794 Posts
    • 13,463 Thanks
    bod1467
    • #9
    • 5th Jan 15, 5:00 PM
    • #9
    • 5th Jan 15, 5:00 PM
    You forgot the fuel station's profit margin.
    Originally posted by OddballJamie
    That'll be part of the 25.33p.
    • fivetide
    • By fivetide 5th Jan 15, 5:37 PM
    • 3,676 Posts
    • 3,936 Thanks
    fivetide
    That'll be part of the 25.33p.
    Originally posted by bod1467
    Don't forget that price is set by the company that refined it... so in a lot of cases, the owner of the station. That's where the oil companies make their money.


    Just a shame that prices of oil have dropped by a half but the price of petrol hasn't.
    What if there was no such thing as a rhetorical question?
    • 20aday
    • By 20aday 5th Jan 15, 8:20 PM
    • 2,512 Posts
    • 1,078 Thanks
    20aday
    I work in an independent petrol station behind the counter (so I've no idea about margins etc) but it's great to see prices heading back towards £1 per litre.

    A while ago people scoffed at me when I said I believed prices would fall from their record highs back towards the £1 mark...
    • Paul_Herring
    • By Paul_Herring 5th Jan 15, 9:21 PM
    • 7,027 Posts
    • 3,725 Thanks
    Paul_Herring
    Just a shame that prices of oil have dropped by a half but the price of petrol hasn't.
    Originally posted by fivetide
    Never would, because, as I've shown, roughly only a quarter of the price of your petrol is affected by the price of oil (and as pointed out, not even that - since part of that quarter also includes refinery cost and profits by the petrol companies.)

    The rest is government 'theft.' The excise amount per litre is fixed, and the VAT is based on the post-excise cost (yes - the government charges VAT on the excise in a practice colloquially known as 'double dipping.')

    At best I'd expect a halving of the price of the raw stuff to result in, at best, a 12% reduction (in reality it would be less, since this assumes that all of that initial quarter would be affected by the drop - it wouldn't)
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • fivetide
    • By fivetide 5th Jan 15, 9:42 PM
    • 3,676 Posts
    • 3,936 Thanks
    fivetide
    Never would, because, as I've shown, roughly only a quarter of the price of your petrol is affected by the price of oil (and as pointed out, not even that - since part of that quarter also includes refinery cost and profits by the petrol companies.)

    The rest is government 'theft.' The excise amount per litre is fixed, and the VAT is based on the post-excise cost (yes - the government charges VAT on the excise in a practice colloquially known as 'double dipping.')

    At best I'd expect a halving of the price of the raw stuff to result in, at best, a 12% reduction (in reality it would be less, since this assumes that all of that initial quarter would be affected by the drop - it wouldn't)
    Originally posted by Paul_Herring


    I never said that wasn't the case


    I just said it was a shame
    What if there was no such thing as a rhetorical question?
    • agarnett
    • By agarnett 6th Jan 15, 11:29 AM
    • 1,282 Posts
    • 536 Thanks
    agarnett
    EC Excise Duty Tables

    Nothing remarkable about the UK system versus the rest. All countries collect tax. How they spend it is another matter, and that is a question for an apathetic electorate, not a faceless government whipping boy.

    Why do UK pump prices not vary daily or even twice daily please?

    Is it perhaps because someone, or most people, think we can't be bothered with the last 2p, 10p, 12p or 20p in the final price per litre? I think that is what sets us apart from other countries. We can't be bothered to improve it. We still heat our homes with electricity and wall boilers for Chrissakes! It's like the dark ages. The kings men and other more powerful war lords set and settle the prices and taxes and we huddle in our huts while rip-offs and pillaging happens next door, and are simply thankful when they don't come knocking on ours.

    We are becoming a nation of peasants again - or maybe we always were.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,808Posts Today

9,063Users online

Martin's Twitter