National News Petrol prices

Interestingly the oil companies don’t make a huge amount of money on the forecourt’s. It may seem like it but much of the big profit is driven in what’s called the upstream which is basically the at source cost. It’s entirely driven by the markets on global supply and demand, That drives up the costs to refineries and hence petrol stations. The margins in the downstream when you fill up are actually relatively low based on source cost and tax.

The majority of money is actually made at the attached convenience store. The likes of m&s partnerships have been huge and only likely to increase with the explosion of Ev charging as folks have to kill 10 minutes whilst their car charges.
 
Ricky Otto said:
Interestingly the oil companies don’t make a huge amount of money on the forecourt’s. It may seem like it but much of the big profit is driven in what’s called the upstream which is basically the at source cost. It’s entirely driven by the markets on global supply and demand, That drives up the costs to refineries and hence petrol stations. The margins in the downstream when you fill up are actually relatively low based on source cost and tax.

The majority of money is actually made at the attached convenience store. The likes of m&s partnerships have been huge and only likely to increase with the explosion of Ev charging as folks have to kill 10 minutes whilst their car charges.
Click to expand...

RAC and AA are saying the forecourt prices are going up but the wholesale price isn't. Hence the accusations being pointed at forecourt owners and reports have shown the 5p tax reduction wasn't fully passed on.
 
Marked Ox said:
RAC and AA are saying the forecourt prices are going up but the wholesale price isn't. Hence the accusations being pointed at forecourt owners and reports have shown the 5p tax reduction wasn't fully passed on.
Click to expand...

They’re a consumer group. I’m sure they’ve found a data point that eloquently presents that as fact. Here’s the price trend of Brent crude …

www.bbc.com

Brent & WTI Oil Futures Price & Updates - BBC News

Find the latest price & updates for Brent & WTI oil futures at BBC News
www.bbc.com
 
The British economy is absolutely f**ked and therefore the sheer amount of tax and duty per litre is much needed. £100 in your car is about £45 straight to the government.

There are multiple factors as to the rise in cost this year, but the reason it’s so stratospherically bad in the UK is because we’re broke.
 
Ricky Otto said:
They’re a consumer group. I’m sure they’ve found a data point that eloquently presents that as fact. Here’s the price trend of Brent crude …

www.bbc.com

Brent & WTI Oil Futures Price & Updates - BBC News

Find the latest price & updates for Brent & WTI oil futures at BBC News
www.bbc.com
Click to expand...

The price over the last month is nearly $10 lower let the forecourt price has continued to go up (almost daily) over that period.
 
Marked Ox said:
The price over the last month is nearly $10 lower let the forecourt price has continued to go up (almost daily) over that period.
Click to expand...

There’s a delay between purchasing time and the supply chain running through.

If that weren’t the case then you’d see tesco and asda significantly undercutting the majors. And the regulation around competitive practice is robust and rigorously managed around price fixing
 
Ricky Otto said:
There’s a delay between purchasing time and the supply chain running through.

If that weren’t the case then you’d see tesco and asda significantly undercutting the majors. And the regulation around competitive practice is robust and rigorously managed around price fixing
Click to expand...

That delay only seems to work one way.
 
Oil prices are in US$. Whilst the price of oil in US$ is falling, so is the value of the £.
 
One of my remain friends posted one of those FBPE “facts” saying that last time oil was $144, sterling was $2 to the pound and petrol was £1.20 per litre. now oil is $113 and exchange rate is 1.20 and petrol is £1.86. All because Brexit.

I did point out that the $2 rate was several years before Brexit. In the real world, sterling had weakened from 1.45 pre Brexit vote to 1.35 at the start of the year, and then weakened further after US hiked interest rates.

Would be interested to know the % in fuel duty and VAT
 
Fuel average 20p per litre higher than 35 European countries according to the fuel protesters. The benefits of Brexit then.
 
RyanioBirdio said:
The British economy is absolutely f**ked and therefore the sheer amount of tax and duty per litre is much needed. £100 in your car is about £45 straight to the government.

There are multiple factors as to the rise in cost this year, but the reason it’s so stratospherically bad in the UK is because we’re broke.
Click to expand...
But I thought Brexit sorted everything out?!
 
Everything seems to be blamed on brexit these days.
There is certainly a lot of scope for the duty on petrol to be reduced. The government have a vested interest in keeping the duty high
 
Peterdev said:
Everything seems to be blamed on brexit these days.
There is certainly a lot of scope for the duty on petrol to be reduced. The government have a vested interest in keeping the duty high
Click to expand...
Boris can’t keep giving money away, if you don’t like it buy your kids a bike and tell the mrs to walk to the supermarket for the weekly shop, f**k knows there’s enough on the doorsteps now.
 
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