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

Former_MSE_Paloma
Former_MSE_Paloma Posts: 531 Forumite
I've been Money Tipped! Newshound!
in Motoring
"Asda will cut petrol prices by 2p/litre from tomorrow, bringing prices to a five year low at its forecourts ..."
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Further petrol price cuts at Asda bring RAC's predicted £1 a litre closer

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  • Pincher
    Pincher Posts: 6,552 Forumite
    Combo Breaker First Post
    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
    aldredd Posts: 925 Forumite
    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
    bod1467 Posts: 15,214 Forumite
    Oh look! Another supermarket advert. ;)
  • reddwarf2002
    reddwarf2002 Posts: 573 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    aldredd wrote: »
    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.

    Absolutely agree. OPEC are a bunch of blood sucking vermins.
  • gilbert_and_sullivan
    gilbert_and_sullivan Posts: 3,238 Forumite
    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
    Paul_Herring Posts: 7,481 Forumite
    Name Dropper Photogenic First Post First Anniversary
    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
    OddballJamie Posts: 2,661 Forumite
    Paul_Herring wrote: »
    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?

    You forgot the fuel station's profit margin.
  • bod1467
    bod1467 Posts: 15,214 Forumite
    OddballJamie wrote: »
    You forgot the fuel station's profit margin.

    That'll be part of the 25.33p. ;)
  • fivetide
    fivetide Posts: 3,811 Forumite
    First Post First Anniversary Combo Breaker
    bod1467 wrote: »
    That'll be part of the 25.33p. ;)

    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
    20aday Posts: 2,610 Forumite
    First Anniversary Combo Breaker First Post PPI Party Pooper
    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...
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
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