So how does that work then? Big difference between 6 and 25%.
Low oil prices.
- Thread starter Kronos
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So how does that work then? Big difference between 6 and 25%.
Soldato
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Now? Probably not. It would effect votes. In June 2015? That may be a different story. As with any government that ever was, the Conservatives are looking to win political points with the public, hence the posturing and the calls for lowereing Joe Bloggs' bills.
As soon as the election is over..........?
[TW]Fox;27167687 said:
Exactly, see here (bit old but still relevant): http://www.bbc.co.uk/news/business-15462923
The cost of the oil is the article is ~45p, if you take a third off you get ~15p reuduction which is roughly the price fall we've seen. It's obviously a bit more complex than my simplified calcs but you get the point
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Soldato
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Basic maths:
Retail Price
100p
Split
30p Oil Company
70p Taxation*
Oil company price gets cut to 20p which is a 33% reduction.
new Retail Price
90p (which is a 10% overall reduction)
Split
20p Oil Company
70p Taxation*
*ignoring the variable tax element for illustration purposes
Soldato
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Allegedly it is due to the time taken for the oil to get from purchase to pump. Oil companies state that the time elapsed means what they are selling now was bought at a higher price so you will not see a comparible reduction with the current oil prices.
Exactly, see here (bit old but still relevant): http://www.bbc.co.uk/news/business-15462923
The cost of the oil is the article is ~45p, if you take a third off you get ~15p reuduction which is roughly the price fall we've seen. It's obviously a bit more complex than my simplified calcs but you get the point
A breakdown I just saw was :- http://www.petrolprices.com/the-price-of-fuel.html
Duty - 57.95p
Product - 47.8p
VAT - 22.15p
Retailer - 5p
Total - 132.9
Now for simplicity, take 25% off the product = 35.85p, new VAT on Net = 19.76, Duty & retailer are the same
Total - 118.56
I paid 123.9 yestarday in a Tesco. Seems it can maybe come down further, especially from the station I was in
Petrol or Diesel?
Petrol down my way is 121.9 where Diesel is 126.9
Wait for Asda to get their prices wrong again will end up at 30p ltr!
Petrol
Regional variations make quite a difference, even in the same supermarket chains.
We have towns 15 miles apart where prices can be 5-6p different. Doesn't always seem to correlate on size, usage and competition either, as I know very busy places where it's high and out of the way towns where it's low.
Yep, i live near Witney Oxfordshire which suffers from higher fuel prices than many places which is frustrating. Luckily the bulk of my fuel is used for commuting and i happen to commute right past an ASDA on the M40 (High Wycombe). ASDA has a nationwide fuel price 
Probably depends on your location, as others have said they've seen it at <120p.
Also typically crude stocks are bought ~6 weeks (but can vary) before it's actually processed so prices can take a little while to filter through.
Chippenham is about 121 for petrol and 126 for Diesel where as Swindon would be 3-4 pence cheaper being ASDA or Sainsburys, they're only 30 mins apart. I used to top up in Swindon as I worked there, but seeing as they've been dropping for some time now, the travel distance isn't worth it.
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Mr cynical inside me says the oil price is irrelevant.
For the last 15 years or so we have seen the same cycle over and over again.
Oil companies want to up their profits so they rapidly increase the price of fuel in small increments, citing the cost of oil, until sales drop and people start to complain.
Then they freeze prices for a few months, then tell the supermarkets "you can have a price drop, call it a 'price war' for free publicity", price comes down a small amount and people stop complaining.
Leave it at this price for a few more months until everyone gets used to paying the new higher price, then start the cycle again. Rinse and repeat.
For the last 15 years or so we have seen the same cycle over and over again.
Oil companies want to up their profits so they rapidly increase the price of fuel in small increments, citing the cost of oil, until sales drop and people start to complain.
Then they freeze prices for a few months, then tell the supermarkets "you can have a price drop, call it a 'price war' for free publicity", price comes down a small amount and people stop complaining.
Leave it at this price for a few more months until everyone gets used to paying the new higher price, then start the cycle again. Rinse and repeat.
Yep, i live near Witney Oxfordshire which suffers from higher fuel prices than many places which is frustrating. Luckily the bulk of my fuel is used for commuting and i happen to commute right past an ASDA on the M40 (High Wycombe). ASDA has a nationwide fuel price
What disgusts me is the price of fuel on the motorway services. Leigh Delamere services was about £1.50 p/ltr not that long ago and when travelling to Mancester, its worse.
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My local Sainsburys is under £1.20 but I only use Shell Vpower but even that isn't that expensive at the moment. However the prices are taking a while to come down.
Filling my zed the other day from a village which is historically expensive for fuel, I paid and had been charged 129.9p
I had to double take and check I had put V-Power in it! I was pretty pleased
Man of Honour
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Filling my zed the other day from a village which is historically expensive for fuel, I paid and had been charged 129.9p
I had to double take and check I had put V-Power in it! I was pretty pleased
Yeah I think our local shell is under 1.30 too now thinking about it.