FlightMan

Why doesn't the Govt do something useful for once, like speak to the oil companies and get a date for when we can expect to see petrol come down?

Oil now at $88.

Useless tw@ts.

Gear Head

iTrader: (2)

Must have something to do with Ferrari and the FIA.

FlightMan

Surely it's McLarens fault?

Scoobychick

iTrader: (1)

Ron Dennis for new Labour leader

subaruturbo_18

I don't think it will come down by itself because theres not alot of publicity on how 'cheap' oil is becoming.

It was in the papers everytime it went up so obviously everyone knew how expensive it was, but now its going down, not so many people know, so the dictator wont lower it just yet.

Gear Head

iTrader: (2)

Bad idea, he isn't very good at keeping secrets!

Leslie

I reckon he is far too sensible to take that job on!

Les

warrenm2

simply because 67% of fuel costs are tax, BY FAR THE LARGEST PART! So its down to Broon to reduce petrol prices not shell/BP

PeteBrant

Thats a misleading figure and you know it.

Fuel duty is a fixed rate - Not a percentage. As the oil price went up, the fuel duty did not.

The VAT applied at the end is ofc oourse a percentage, but, does not account for the over pricing we are seeing at the moment.

When oil was at $147, we had petrol at about £1.25 per litre.

Now it is $88 it should be around...

50.55p (duty)
30p (oil) (60% of the cost per litre at $147 per barrel)
3p (forecourt costs)
2p (forecourt profit)

=85.35
+ VAT@17.5% =14.93

Grand total = 100.28 pence per litre.

Anyone paying that yet?

The Zohan

er,no 1.12p at tesco

subaruturbo_18

Nope. And i don't think we will this side of christmas, or until the countries economics are a bit better.

VJ_STi

iTrader: (1)

Have you taken into consideration the fact that oil is price in USD and when oil was $147 the exchange rate was $2/£1 whereas now its about $1.77/£1 ?

PeteBrant

In economic terms, the Government would like nothing better thna a drop in fuel prices, due to the downward pressure this would exert on inflation.

No, because, I am unsure of the actual affect that the exchange rate £/$ has on the price of UK petrol. I would be absolutely astonished if the price at the pump directly correlated to the exchange rate, because in almost all businesses there is some protection to the "standard cost" model built in to absorb exchange rate fluctuations.