Oil now back under $100 a barrel
But will we ever see a reduction at the pumps? :rolleyes:
BBC NEWS | Business | Market Data | Commodities | Brent Crude Oil I can't see how they are allowed to get away with it. :wonder: Prices come down so they cut production. :razz: |
It's their oil not ours. They're exercising their right to get the returns they want to for their product, just like every other commodity.
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@ $100 per barrel the price per litre of unleaded should be around 106pence.
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111.9 down south. :razz:
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Originally Posted by PeteBrant
(Post 8127248)
@ $100 per barrel the price per litre of unleaded should be around 106pence.
How do you get that figure Pete? Genuine question too:) Oil peaked at around $140-143 in July didn't it? So over $40 coming off looks around 30% if I'm doing this right. So if unleaded (normal) was about £1.20 a litre back in July at the peak, shouldn't it be under a pound in theoretics now. (30% of £1.20 is approx. 36p) If I've buggered the maths up, I apologize on that one :lol1: |
Not forgetting of course the £'s recent collapse against the $ making imported oil more expensive for us.
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Originally Posted by chocolate_o_brian
(Post 8127269)
How do you get that figure Pete? Genuine question too:)
Oil peaked at around $140-143 in July didn't it? So over $40 coming off looks around 30% if I'm doing this right. So if unleaded (normal) was about £1.20 a litre back in July at the peak, shouldn't it be under a pound in theoretics now. (30% of £1.20 is approx. 36p) If I've buggered the maths up, I apologize on that one :lol1: At £147 a barrel we had prices of £1.25 or thereabouts. Breakdown of costs "Petrol" 50p Fuel duty 50.35p Forecourt costs 3p Forecourt profit 2p Total = 105.35 +VAT @ 17.5% =£1.24 per litre (close enough) And todays price "petrol" reduced by 30% = Petrol cost of 35p Fuel Duty=50.35 forecourt costs = 3p forecourt profit=2p Total=90.35 +VAT@17.5% =£1.06 per litre. In other words, the oil cost has dropped - nothing else has changed. |
Originally Posted by chocolate_o_brian
(Post 8127269)
How do you get that figure Pete? Genuine question too:)
Oil peaked at around $140-143 in July didn't it? So over $40 coming off looks around 30% if I'm doing this right. So if unleaded (normal) was about £1.20 a litre back in July at the peak, shouldn't it be under a pound in theoretics now. (30% of £1.20 is approx. 36p) If I've buggered the maths up, I apologize on that one :lol1: |
Originally Posted by PeteBrant
(Post 8127282)
At £147 a barrel we had prices of £1.25 or thereabouts.
Breakdown of costs "Petrol" 50p Fuel duty 50.35p Forecourt costs 3p Forecourt profit 2p Total = 105.35 +VAT @ 17.5% =£1.24 per litre (close enough) And todays price "petrol" reduced by 30% = Petrol cost of 35p Fuel Duty=50.35 forecourt costs = 3p forecourt profit=2p Total=90.35 +VAT@17.5% =£1.06 per litre. In other words, the oil cost has dropped - nothing else has changed. Thanks for pointing that out - I AM A P L U M :freak3: |
Join the club! :D
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Originally Posted by chrispurvis100
(Post 8127225)
But will we ever see a reduction at the pumps? :rolleyes:
BBC NEWS | Business | Market Data | Commodities | Brent Crude Oil I can't see how they are allowed to get away with it. :wonder: Prices come down so they cut production. :razz: Discuss. :D |
Originally Posted by PeteBrant
(Post 8127282)
At £147 a barrel we had prices of £1.25 or thereabouts.
Breakdown of costs "Petrol" 50p Fuel duty 50.35p Forecourt costs 3p Forecourt profit 2p Total = 105.35 +VAT @ 17.5% =£1.24 per litre (close enough) And todays price "petrol" reduced by 30% = Petrol cost of 35p Fuel Duty=50.35 forecourt costs = 3p forecourt profit=2p Total=90.35 +VAT@17.5% =£1.06 per litre. In other words, the oil cost has dropped - nothing else has changed. As oil at $147 = £74 ish (£1 = $2) oil at $100 = £58 ish (£1 = $1.7) So a 20% reduction. Steve |
Fuel at my local garages has come down just 6%.
The most annoying thing is oil dropped in price quite quickly and the savings were passed on, since the initial drop though not much has changed. I.e. I was paying the same when the oil was $115 a barrel as I am now at <$100. |
I wonder, all other things being equal, when the pound strengthens against the dollar, does the price of petrol at the pumps decrease?
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Originally Posted by FlightMan
(Post 8127436)
It's all Ferrari's fault. :razz:
Discuss. :D |
Yes it does (or should do). Oil is traded in $, not £.
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Originally Posted by TelBoy
(Post 8127491)
Yes it does (or should do). Oil is traded in $, not £.
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Oh, that's easy. No!!
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We will not see petrol much below the recent highs, regardless of exchange rate and oil price.
Oil is $30, at least, cheaper now than it was at the recent peak, but petrol is still at $1.69 p/l (Well it is the w/e here in Australia, prices are "high"). I am rather fortunate not to have to rely on my car for much, a run to the beer shop maybe. |
Originally Posted by boxst
(Post 8127455)
I have no idea if oil is really purchased in dollars, if so your math is out.
As oil at $147 = £74 ish (£1 = $2) oil at $100 = £58 ish (£1 = $1.7) So a 20% reduction. Steve Of course the £147 per barrel should have been $147, no need for a conversion - was a simple typo |
Originally Posted by chrispurvis100
(Post 8127490)
Absolutley pathetic. How old are you? Do you get your jollies from picking on people, on a web forum who you will never meet? What a big man you are. Go back to playing your xbox. :thumb:
42. No, a perusal of my posting history will confirm that. Yes, I am. Well the wife thinks so anyway. ;) I don't own one. They're for children and peopel who haven't grown up. :thumb: Bye. :sleep: |
Originally Posted by PeteBrant
(Post 8132672)
Of course the £147 per barrel should have been $147, no need for a conversion - was a simple typo
Although the news today about the financial companies in America will probably push the pound up a little bit against the dollar. Steve |
Originally Posted by boxst
(Post 8132704)
Yes, a typo, but you didn't factor in exchange rates?
Although the news today about the financial companies in America will probably push the pound up a little bit against the dollar. Steve I'm not sure that the exchange rate is that relevant though, is it? - Sure it can be (and is) used as an excuse when the price goes up. But I don't remember the price coming down due to the exchange rate. Most businesses factor in a buffer for exchange rate fluctuation, do petrol companies? |
Originally Posted by scoobynutta555
(Post 8127242)
It's their oil not ours. They're exercising their right to get the returns they want to for their product, just like every other commodity.
Is it morally right I wonder to soak us for all the cash they can get when they are in the position of being able to charge what they like? Like all natural resources, the oil belongs to the people, not those who extract it. Les |
Brent Crude is now at $91 a barrel, oil prices are plummeting, petrol still 109.9 at Tesco yesterday! :mad:
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Just shows you what can happen when the speculators at the big investment banks and hedge funds aren't allowed to play...
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Originally Posted by Leslie
(Post 8132830)
There used to be a time when people used to sell items at a fair profit to make their living. Now it all seems to hinge on market forces which is fine for the seller but not very good for those buyers who are subject to the cartels and the monopolies which take advantage of the situation and rip us all off for massive profits.
Is it morally right I wonder to soak us for all the cash they can get when they are in the position of being able to charge what they like? Like all natural resources, the oil belongs to the people, not those who extract it. Les |
Originally Posted by Paul3446
(Post 8132901)
Brent Crude is now at $91 a barrel, oil prices are plummeting, petrol still 109.9 at Tesco yesterday! :mad:
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Just filled up today, Esso Supreme. £1.20.9 per litre :mad:
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Oil is now down to $88 a barrel.
If petrol prices don't move soon then questions should be asked. |
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