Petrol scam.

[observer]

I,ve read somewhere that there has been a 40% reduction in the price of oil; has this been reflected at the price at the pumps? IF not; where has the excess profit gone?

[Steve the Original]

Its the same here prices are still high and it doesnt look as if they are going to go down either.. exra cash goes to the Oil companys as always.. got to beat the credit crunch somehow havent they??

 

 

steve

[Dizzy]

Very good point Obs

 

Prices have come down recently especially at the likes of Morrisons etc etc. Guess the fact that it HAS come down has taken our minds (well mine anyway I'm ashamed to say) off the actual price of oil / fuel.

 

Are we all being cleverly conned

[Paul Kennedy]

Accept what you are saying, but it is worth noting that the current oil price is for forward deliveries....one to three month period. It will of course be interesting to see how quickly gas and eletricity prices come down, as the utilities in justifying price rises said they were linked to oil prices.

 

PS Oil is traded in $US so the exchange rate has an effect.

 

PPS My guess is that OPEC (cartels are illegal...but not in Saudi etc )will cut production as a way of upping the price.

[Bazj]

But Paul, when the price of oil goes up, it immediately affects petrol prices as the greedy companies flock to fleece the motorists by putting up the prices of the fuel already in the petrol stations.

 

It never comes down anywhere near as quickly or as substantially

 

Rip Off Labour Britain as usual.....

[Paul Kennedy]

It certainly does.....and we the motorist carry on buying it

[observer]

Maybe we all need to start driving without shoes on, seems you get a better feel for the pedals and are less likely to overdo the accelerator. The latest eco-marathon produced outcomes of 80 odd mpg! They're all ripping us off Baz, irrespective of who's in Government: OPEC cartels, the retail sector and the Gov tax take - it's called the profit motive!

[Bill]

Well I paid less than ?1 a litre at Sainsbury's last Saturday albeit with a discount coupon but even so the pump price was still only ?1.02 and that's a significant reduction from where we were a couple of months back.

 

On the news this morning, they said the average price of petrol was expected to drop below the ?1 mark within the next four weeks and this factor coupled with significant price reductions in other areas could see the rate of inflation actually going negative early next year.

 

Bill

[Steve the Original]

Our prices ahve fallen but not a lot and they should of cut the prices by at least another 10p per liter but they need to make money as they are so poor these Oil giants......

 

 

Steve

[Paul Kennedy]

Interesting to note that at one point his weekend the wholesale price of gas was 0p

 

Here is a section of the article from The Times

 

"The price of gas collapsed over the weekend as warm weather and full storage tanks forced importers to give away gas for - literally - nothing.

 

At one stage on Sunday, the within-day delivery price for wholesale gas fell to 0p per therm as suppliers were forced to give away surplus fuel in order to balance the system.

 

The zero-trades occurred on APX, a 24-hour trading platform, and followed a weekend of weak prices and unusually warm weather. A price of zero or a negative price is highly unusual, according to ICIS Heren, the gas price assessor.

 

Two years ago, prices briefly went negative when huge volumes of Norwegian gas were suddenly pumped into Britain during the commissioning of a new pipeline.

 

However, Sunday's price collapse was different. Louise Boddy, the managing editor at ICIS Heren, said: ?This is about supply and demand, it is all bearish at the moment.?

 

Householders will not immediately benefit from the bizarre trading over the weekend, but the falling short-term spot prices will, eventually, feed through into the wider market. On Monday, the within-day price had bounced back to 28p per therm, but even that figure is far below the average price of 60p per therm during the summer, according to ICIS Heren"

[Peter T]

I doubt that it will be passed on to the consumer.

[Steve the Original]

I doubt that it will be passed on to the consumer.

 

How true

 

 

 

Steve

[Evil Sid]

so if this global warming thing does start proper they will be paying us to use the gas will they

[observer]

When the wholesale price of oil and gas increases, you get an immediate increase in retail prices; why when it decreases, is the reduction not immediate?

[Peter T]

Haven't Morrison's and Asda dropped their petrol to 99.9p?

 

Allegedly, Morrison's have had a tank mix-up, according to someone in the paper shop this morning whose wife filled up with diesel which turned out to be petrol. So I would check first.

 

PS. He might have repeated what was on the news last night, who knows.

[Paul Kennedy]

Haven't Morrison's and Asda dropped their petrol to 99.9p?

 

Allegedly, Morrison's have had a tank mix-up, according to someone in the paper shop this morning whose wife filled up with diesel which turned out to be petrol. So I would check first.

 

PS. He might have repeated what was on the news last night, who knows.

 

Yes

 

The Morrisons in question was Chorley I think, rather than S Heath

[observer]

Why do they put deisel pumps next to petrol pumps, why not a row of derv pumps and a row of petrol pumps?

[Dizzy]

Morrisons petrol is now 97.9p a litre...... diesel is 111.9p I think

 

It's come down another 2p this week

[observer]

So how much as it come down in percentage terms - crude oil has dropped by over 40%.

[asperity]

OPEC is looking to reduce production to push the prices back up again

[Legion]

I half heard that on the radio this morning, but heard that "was it" the oil barens wanted to reduce output but opec said "no , let demand dictate price".

 

however much the price is its the government screwing us most.

 

they have not changed their % tax on it, which as I recall is something in the region of 75% of the total cost

 

so the actual cost of petrol per litre is something like 30p.

and when it went up to 40p they made billions by gaining another 20p per litre at our expense.

 

if we were paying standard VAT ton petrol it would only be about 35p a litre..

 

even now the governmant takes 75p for every litre you fill up with, and while we were stuggling to get to work, to afford to fill our cars, they blamed the oil industry.

[Paul Kennedy]

For unleaded (rounded to penny):

 

Petrol price some months ago:

 

120p pump price

 

18p VAT

 

52p Duty ( set at each budget so currently remains the same irrespective of oil price)

 

50p cost of petrol

 

Oil price has now fallen:

 

98p pump price

 

15p VAT

 

52p Duty

 

31p cost of petrol

 

I'll leave you to do the percentages.

[observer]

Seems Asp is right; OPEC has cut production by 5% to hike the price - thought Cartels were illegal?!

[Paul Kennedy]

They are...unless you are just so powerful. Maybe we should put out arrest warrants for all the OPEC oil ministers.

 

I read that gas producers are thinking of forming a price fixing cartel as well.

[observer]

So I guess the Mafia have now gone Global!