Price of Petrol?

Royboy39 · 16-10-2008, 21:42

The price of crude oil per barrel has come 50%.
Has the petrol in the UK come down by the same amount?
If not....why not?

Polly_45 · 16-10-2008, 21:56

I paid 98.9 per litre today in Burnley

not complaining here

Royboy39 · 16-10-2008, 22:02

Quote:

Originally Posted by Polly_45

I paid 98.9 per litre today in Burnley

not complaining here

From £1,16 a litre to 99p is not good value?....some company is having a laugh at your expense.

Studio25 · 16-10-2008, 22:32

Isn't fuel taxed by volume rather than pro rata? So halving the price of the ingredients won't halve the price at the pump.

Polly_45 · 16-10-2008, 22:39

Quote:

Originally Posted by Royboy39

From £1,16 a litre to 99p is not good value?....some company is having a laugh at your expense.

well this time 4weeks ago i was paying a heck lot more and i drive a gas guzzler so i aint complaining.

Bonnyboy · 16-10-2008, 22:40

Quote:

Originally Posted by Royboy39

From £1,16 a litre to 99p is not good value?....some company is having a laugh at your expense.

Have to agree Roy, it doesn‘t seem good value to me. I think we should be seeing a greater reduction at the pumps if a barrel of oil has reduced by 50%

A few months ago when the price of oil went through the roof, the gas price increased and therefore our household energy bills. Reason being they said was that the gas price was globally linked to the oil price for some reason I fail to understand. Has the price of our household gas supplies dropped inline with failing oil prices? Has it chuff.

shakermaker · 16-10-2008, 23:32

Most of the price is tax.

derekgas · 17-10-2008, 06:51

It was on the news today that Mr Brown and co have warned the profiteering fuel companies (including gas and electric) to curb the prices, or else! Which is a bit hypocritical seeing as 70% of petrol costs is tax!

Neil · 17-10-2008, 09:04

Quote:

Originally Posted by Royboy39

The price of crude oil per barrel has come 50%.
Has the petrol in the UK come down by the same amount?
If not....why not?

Because fuel is not taxed as a percentage of the cost. It is taxed as pence per litre.

Only the VAT goes up and down with price changes.

AccyLass · 17-10-2008, 09:52

Cheapest I have seen it in Accrington at the min is £1-05.9

Royboy39 · 17-10-2008, 09:54

Quote:

Originally Posted by derekgas

It was on the news today that Mr Brown and co have warned the profiteering fuel companies (including gas and electric) to curb the prices, or else! Which is a bit hypocritical seeing as 70% of petrol costs is tax!

I agree Derek. Read this:

Oil profits: 'It's tax that fuels petrol price' | Shell BP | | This is Money

Studio25 · 17-10-2008, 14:20

55.65p Fuel duty
17.02p Crude Oil
12.35p Refining and transport
14.88p VAT

99.9p Total per litre - current price.
Double the price of the "crude oil" component above, and factor in the resulting effect on VAT, and you get 119.9p which was its peak price.

It's not tax that fuels the increase, that just affects the basic price. Fuel duty went up by 2p on 1st October, (2.35p when you include VAT) which does not explain the wild changes we've seen this year.