The value of the pound makes oil more expensive today than it was when the oil price was higher in $$$. (Did you see this posted on facebook or something? I see lots of people saying about oil prices and greed with no idea of the context.)Can anyone explain to me why petrol and diesel prices are so high despite the price of crude oil being well of any record high (less then $110 a barrel) and the government handing down a 5p per litre tax cut? Is it just greed or am I missing something?
5p duty cut is ridiculous, it was never going to do anything. With the recent increases the govt is raking in more cash via VAT, its a smokescreen to look like they are doing something. Also oil price is not everything, it has to be refined and there is only limited capacity which has pushed the price up further.