What's Happening To Petrol Prices?

[Grumpy Cabbie]

Is it me? or has anyone else noticed that petrol is now about 1.13/14 a litre? :o

Is this not the same as the highest prices we had just prior to the recession back in 2008 when oil hit a record of $140 a barrel?

However, oil is only $80 a barrel at the moment, so what gives? I know we have had a 2p tax increase but it just doesn't seem to add up? What's going on? :(

I'm sure the cost of petrol/diesel is what pushed us into recession last time and now, just as we are almost out of recession with a wonderful growth figure of 0.3% we find that fuel costs are back where they were before. Do I prepare myself for another dip into recession or am I just worrying for nothing?

[johalareewi]

Av price round here is £1.13 a litre although Asda and Morrisons are still around £1.10. Guessed this would happen which is one of the main reasons I got a Prius.

[posing]

Greedy oil companies leeching Rip Off Britain?

[wooski]

Greedy oil companies leeching Rip Off Britain?

Oil is traded in US dollars - the pound is taking a pounding and is only around 1:50 US $ at the moment.

The only way is up as well. Tax goes up another 2p a litre on the 1st April and the pound could slide further - especially if we get a Financial Crisis. Be glad we have such fuel efficient cars.

[Grumpy Cabbie]

Greedy oil companies leeching Rip Off Britain?

Oil is traded in US dollars - the pound is taking a pounding and is only around 1:50 US $ at the moment.

The only way is up as well. Tax goes up another 2p a litre on the 1st April and the pound could slide further - especially if we get a Financial Crisis. Be glad we have such fuel efficient cars.

So because the country's in a pickle and our exchange rate is all to pot with the US$ we pay more for fuel? So when the price of oil does start to rise heavily come the summer driving season in the States we're really going to feel it? Then to add insult to injury the government add more tax to give to the millions of ne're do wells who seem to be living a much better life style than I do. Why do I actually bother working?

[Fujisan]

Greedy oil companies leeching Rip Off Britain?

Yes, refining margins are that good that oil companies are shutdown refineries or selling then off across Britain, Europe, North America and Japan, just for the fun of it.

I don't know if you noticed but Total have had a little problem in France recently. They wanted to shut one small refinery (at Dunkirk) and the only way they could come to deal with the french unions was to promise not the close anymore french refineries (for five years)....at the cost of Lindsey here in the UK!

Link here.

Link here.

Link here.

Think long and hard about that when the majority of Europe's petrol and diesel has to be shipped in from the middle east, produced by state owned companys like the Saudi's Aramco.

They will have us well and truely by the short and curls then

[Fujisan]

Oil is traded in US dollars - the pound is taking a pounding and is only around 1:50 US $ at the moment.

The money markets don't like the idea of an hung parliament, especially while we are trying to get out of a recession and so far the polls stay no one party will win enough seats for a majority. So the boys in sharp suits are selling the pound. :(

And your holiday Euro isn't going to buy a lot this year either

[Heidfirst]

& it's about to get worse - duty goes up again on the 1st of April ...

[Sagitar]

& it's about to get worse - duty goes up again on the 1st of April ...

£1:14.9 at my local place tonight - horrendous.

[Grumpy Cabbie]

I am soo glad I got the Prius now. I dread to think what I would be paying if I had a 'normal' car. 35-40k miles a year round town. I don't think I could ever go back from the Prius now.

I fear the fuel prices will send us back into recession.

[phil4]

Why do I actually bother working?

And you wouldn't believe the number of times a day I think that to myself also..... only to make matters worse when I see what the money collected is "spent" on.

[Ancient Nerd]

Greedy oil companies leeching Rip Off Britain?

Unleaded price in Cambridge is 114.9.

Of this, as far as I can work out, the oil company gets 41.6 for the extraction, refining transport and sale. The Government takes 73.3 in fuel duty and tax.

The oil companies are subject to real competition. No one competes with the Government!

So who is ripping us off?

[Chris Dance]

Petrol goes up so does the cost of everything that has to be transported ie food etc. all this is leads to inflation. The government seem to disregard the additional costs a rise in fuel prices have. I spoke to an American busineess man about this he stated that in the states the people would not put up with the price of fuel we have to pay. Thank goodness we have a Prius.

[Grumpy Cabbie]

Saw diesel at 119.9 today !!!

Oh my, the end is near :(

[QS73]

Both petrol and diesel 112.9p at local Tesco this morning.

[Chris Dance]

115.9 per litre at the local garage today (Sunday 7th) and a queue to get it.

[wooski]

I can recommend the Petrol Prices website for looking at local prices.

However as I rarely put more than 35 litres of fuel into my Prius at any one time I can never be bothered to travel around for a few pence difference in price.

Another side note - because of the fall in the Pound versus the Euro we now have average petrol prices in the EU.

[Ancient Nerd]

Another side note - because of the fall in the Pound versus the Euro we now have average petrol prices in the EU.

I feel sure that this will soon be corrected and we will be back to our rightful position of most heavily taxed motorists in Europe.

[Grumpy Cabbie]

Another side note - because of the fall in the Pound versus the Euro we now have average petrol prices in the EU.

I feel sure that this will soon be corrected and we will be back to our rightful position of most heavily taxed motorists in Europe.

Heavily taxed motorists? You should just have left it as the most heavily taxed!

Well, it's good to know our tax money is spent so wisely and on such worthwhile causes, otherwise I'm sure people would be very angry indeed.

[Ancient Nerd]

Well, it's good to know our tax money is spent so wisely and on such worthwhile causes, otherwise I'm sure people would be very angry indeed.

And there was I thinking it was all being wasted on PC non-jobs, unnecessary quangos, overpaid public service managers and all the pensions that go with those. And the ID cards system. And the NHS computer system. And road charging. And ...

But you are correct, this is probably wise use of our tax money, so I shall be very unwise when I vote for whoever is most likely to beat our current Government's candidate at the coming election. Unfortunately, it will probably make no difference whatsoever.

Much of this and I shall become an ancient grumpy cynic!

[Passedit]

Its not all the Goverments fault, the so called free market economy is to blame as well.

Heard on the news that speculators are buying oil and then mooring the Tankers off the south coast to wait for the price to go up. Create a shortage, higher prices, make a fortune. Who pays for their millions of income, we do.

[Ancient Nerd]

Its not all the Goverments fault, the so called free market economy is to blame as well.

Heard on the news that speculators are buying oil and then mooring the Tankers off the south coast to wait for the price to go up. Create a shortage, higher prices, make a fortune. Who pays for their millions of income, we do.

Sometimes it goes wrong, prices drop and the speculators get burnt :D

Unfortunately, they've speculated with borrowed money, so the banks lose money, and our taxes bail them out

Heads they win, tails we lose. :(

But never lose sight of the fact that taxes are nearly double big oil's take.

[Grumpy Cabbie]

But never lose sight of the fact that taxes are nearly double big oil's take.

Exactly! Easy to blame everyone else but tax makes up two thirds the price. Nothing else out there is taxed to death like fuel. I agree we need some tax on it, but hey isn't that what VAT was for? Then I suppose we need to look after the roads that cars use, but hey isn't that what the road tax is for? Maybe it's an environmental tax but if all the money was ring fenced for environmental projects then I'd be happy, but it isn't and I'm not happy either.

Grumpy Cabbie is in a grumpy mood today - despite the sun shining.

[Ancient Nerd]

But never lose sight of the fact that taxes are nearly double big oil's take.

Exactly! Easy to blame everyone else but tax makes up two thirds the price. Nothing else out there is taxed to death like fuel. I agree we need some tax on it, but hey isn't that what VAT was for? Then I suppose we need to look after the roads that cars use, but hey isn't that what the road tax is for? Maybe it's an environmental tax but if all the money was ring fenced for environmental projects then I'd be happy, but it isn't and I'm not happy either.

Grumpy Cabbie is in a grumpy mood today - despite the sun shining.

I'm mostly with you. Every time a politician talks about a directed tax that will be ring fenced, I just think of the Road Fund Licence. And they wonder why we don't believe a word they say.

I can't agree with you on the environmental tax. It's just an excuse to increase general taxation. I think a recent report tried to evaluate the real environmental cost of motoring. The conclusion was that we are paying way too much for that already, just in recent increases. In any case the 'science' behind the global warming scenario is so dubious, it is valueless as a justification. However, as a bandwagon for increasing indirect taxes...

[QS73]

How about everybody not buying fuel for a week, that may make the Government change its mind about fuel tax; or would they raise taxes even further to cover the shortfall ????

Interesting thought.