Crude Oil drops below $127

RedorDead

Petrol station on the Naas Road (911) had petrol for 126 and diesel for 133 this morning. Long live the recession!

L1011

911? Would that be one of those quare foreign "Esso"s by any chance

NiSmO

This post has been deleted.

NiSmO

NiSmO wrote: »

This post has been deleted.

Its pure market speculation. The experts will come up with any explanation to justify their position. The biggest indicator for me was the very large rises in crude when the there couldn't have been that big an increase in demand. Coincidently it happened at the time when the whole world seemed to be cashing out their bank and finance stocks.
The money went somewhere..

Oil today is down again after a slight rally this morning

Heroditas

This is the cheapest it has been since mid-April yet still many of the pump prices reflect mid to late May prices. I paid €1.259 last night in Texaco on the N4 by the Foxhunter. It was a lot cheaper than than back in mid-April.
What a surprise, the prices continue not to fall at the same rate the price of a barrel falls. And please nobody say "well the stations have bought it already..."

Unless the price at the pumps continues to fall substantially over the next few days, we will have finally been shown how much of a cartel the forecourts operate in this country.

Tuesday morning rant over.

jd

It won't fall in the same proportion as the fall in crude, there are other costs associated with producing diesel/petrol. (Prices didn't rise by the same proportionas the rise in crude either)

Scottie99

remember the euro is in a 6month low against the dollar, which won't help things:mad:

L1011

The dollar was far weaker the last time it was this price - that makes up about 10% or so of the difference straight off.

Joseph Kuhr

Heroditas wrote: »

Unless the price at the pumps continues to fall substantially over the next few days, we will have finally been shown how much of a cartel the forecourts operate in this country.

Why do you think so many petrol stations have closed down over the past 5 years? They make very little profit. You cannot ignore the fact that it takes time to buy the oil so there is obviously going to be a 3-4 week lag in the prices. If you paid as much attention when prices are going up you'd notice the same lag. You also need to factor in the currency differences.

The price of petrol in Ireland is more expensive than other countries because its based on volume. The more you buy, the cheaper it is. Also we have higher VAT which is calculated after customs and excise have been added to the price.

Personally I wish people would stop moaning. People should be moaning about VRT and road tax before they start moaning about the lag between the price of oil and forecourt.

L1011

Joseph Kuhr wrote: »

The price of petrol in Ireland is more expensive than other countries because its based on volume. The more you buy, the cheaper it is. Also we have higher VAT which is calculated after customs and excise have been added to the price.

We've some of the cheapest petrol in Europe though! Theres significantly less excise duty here than other places. Only eastern europe is cheaper than us, and not even across the board (Poland is more expensive, for instance)

Bluetonic

Another pointless thread regarding the price of crude and petrol.

Heroditas

I'm aware there is no exact direct correlation between the price of crude and petrol but crude is much cheaper now than in May, yet petrol is still much more expensive than in May.
MYOB & Scottie - I had not factored in the fact that the euro is at a six month low compared to the dollar - that would certainly account for the few cent that make up the difference.

Joseph - I disagree about the lag. From talking to people who are gas traders (I know it's a different commodity), price drops can be passed on instantly. I guess it's the way that petrol companies work. Anyway, that's another discussion for another day.

Bluetonic - thank you for your pointless contribution to the pointless thread.

Bluetonic

Heroditas wrote: »

Bluetonic - thank you for your pointless contribution to the pointless thread.

This topic have been covered to death already.

Why the need for a new thread?

Heroditas

Bluetonic wrote: »

Why the need for a new thread?

New price.
But again, thank you for your contributions.

keane2097

Bluetonic wrote: »

This topic have been covered to death already.

Why the need for a new thread?

Personally, I'm glad it was there when I clicked on "new threads", cos I found it quite informative...

Bluetonic

Heroditas wrote: »

New price.
But again, thank you for your contributions.

The price is constantly changing, will we have a new thread everytime?

Thanks xx

Heroditas

Bluetonic wrote: »

The price is constantly changing, will we have a new thread everytime?

Thanks xx

I'll PM you the price changes. How about that?

testicle

MYOB wrote: »

We've some of the cheapest petrol in Europe though! Theres significantly less excise duty here than other places. Only eastern europe is cheaper than us, and not even across the board (Poland is more expensive, for instance)

Austria, Greece, Luxembourg and Spain are all cheaper than here.

Bluetonic

Heroditas wrote: »

I'll PM you the price changes. How about that?

No thanks, I'm doing my hair indefinitely.

Good luck with in your ill informed ranting about cartels in the future.

x

keane2097

Bluetonic wrote: »

The price is constantly changing, will we have a new thread everytime?

Thanks xx

That would be great - that way I can keep abreast of all the latest news, views and gossip in the wacky world of oil prices.

Good suggestion dude - thanks!

Heroditas

Bluetonic wrote: »

Good luck with in your ill informed ranting about cartels in the future.

Thanks for that. I'll also have a warm feeling inside me knowing that you'll feel the need to contribute time and again to the thread if it's pointless.

ShadowHearth

MYOB wrote: »

We've some of the cheapest petrol in Europe though! Theres significantly less excise duty here than other places. Only eastern europe is cheaper than us, and not even across the board (Poland is more expensive, for instance)

Well in mine country(lithuania) petrol price is prety much same as here, BUT we pay our road tax in petrol price allready, so we dont pay it separtly.

so petrol is still here prety dare.

but i think someone was right there, problem is VRT and Road Tax, not petrol price.Becouse those two are huge rip off for nothing...

L1011

If I could pay the new road tax on my car (rather than the older, higher rate) it'd work out at 4 tanks of fuel - about 4% of a years usage. Most of the countries in Europe with more expensive petrol are more than 4% higher.

VRT, however... can't explain that one away!

peasant

threads merged

green-blood

Joseph Kuhr wrote: »

Why do you think so many petrol stations have closed down over the past 5 years?

now, that would have nothing to do with shell and statoil being bought by one greedy consortium, selling off prime sites to cover their outlay before rebranding the rest of the sites, who will acquiece to tehir demands and letting any independents feck off..... would it.... nope thought not

Can anyone cionfirm that their local topaz is the chepaest in the locality....anyone?

Heroditas

green-blood wrote: »

Can anyone cionfirm that their local topaz is the chepaest in the locality....anyone?

Topaz in Lucan is quite cheap - IIRC. Is it the cheapest though? I think Texaco on the N4 is still a fraction cheaper.

Blanchguy

Hartstown Topaz is pretty cheap, cheaper than the nearest Tesco, I'll post prices later.

L1011

testicle wrote: »

Austria, Greece, Luxembourg and Spain are all cheaper than here.

Greece isn't "Western Europe" and Austria/Luxembourg are fractions of a cent cheaper - clutching at straws comes to mind. We still have cheaper fuel compared to our neighbours.

L1011

green-blood wrote: »

now, that would have nothing to do with shell and statoil being bought by one greedy consortium, selling off prime sites to cover their outlay before rebranding the rest of the sites, who will acquiece to tehir demands and letting any independents feck off..... would it.... nope thought not

Can anyone cionfirm that their local topaz is the chepaest in the locality....anyone?

Which prime sites have been sold? Can't think of any, although Chevron (Texaco) on the other hand are selling any sites with hand land values they own... Also, the majority of Topaz stations are owned & operated, these are the ones that have been rebranded - a station you own doesn't have to acquiesce!

edit: and my Benchmark Topaz card is cheaper than my local Tesco - which itself is the cheapest advertised price in the area...

kluivert

Its about time the bloody price of oil fell through the roof.

Everyone pulling money out from equities into commodities, silly fookers never thought of the effects it would have and now that industry costs right across the board has rocketed (airline tickets especially) investors have decided to pull their money again and put it into something different.

Bring back the days when I started driving in 2002 when the price of petrol was 86c a litre, awh those where the days!