Oil price falls below $100

Manuel

Call me naiive, but are we likely to see any significant benefit to the consumer as a result of this dramatic fall in the World Oil price?
Down from 120 to under 100 this month alone. I've stopped using my kerosene in the hope that I'll get it cheaper soon.

The last quote I got was 80 cent/litre for 1,000 litres.

Is anybody aware of falling prices, or projected falls at the pumps etc?

craichoe

Manuel wrote: »

Call me naiive, but are we likely to see any significant benefit to the consumer as a result of this dramatic fall in the World Oil price?
Down from 120 to under 100 this month alone. I've stopped using my kerosene in the hope that I'll get it cheaper soon.

The last quote I got was 80 cent/litre for 1,000 litres.

Is anybody aware of falling prices, or projected falls at the pumps etc?

120/100 is the price of unrefined crude oil, not the price of petrol/diesel

Manuel

Yes, but it's the base product, right?

So are we going to see 20% reduction in domestic oil prices some time in the near future (he asked, expecting the answer "No" ...)

Biggins

"No"

Sorry!

The Arabs are deliberately now (as of last Friday) slowing down oil production (when they saw the price finally dropping) now to maintain their vast profits and keep the price at least $100 a barrel.
The change then down and back up again by our national service providers would at the very least, consider it a waste of time giving us a discount when they would have to soon hike it up again to cope with the maintaining $100 a barrel price again.

Nody

But the funny part is that a lot of the oil price increase was 90% driven by purely speculation. At one time an American firm had one third of all oil futures on the market for example as all firms piled on to get in on it before the bubble burst.

ejmaztec

Nody wrote: »

But the funny part is that a lot of the oil price increase was 90% driven by purely speculation. At one time an American firm had one third of all oil futures on the market for example as all firms piled on to get in on it before the bubble burst.

I bet the ex XL customers aren't splitting their sides laughing. :pac:

I hope that all of the oil profiteers invested their cash in the banks that went down the crapper.

Manuel

Trust me, I know nothing about this ..... but a little more surfing and I found that the NY Mercantile Exchange does actually quote Heating Oil and Gasoline prices. Both are down about 5c (US) a litre today it seems.

http://www.nymex.com/index.aspx

darc

The price of refined heating oil is 53c per litre as of this morning (6% drop) on the London exchange. ($2.77 per US Gallon) The US dollar has strengthened by approx. 13% in the past 4 weeks, so the full effects of oil price reductions are somewhat eroded by the stretgthening dollar.

Add to the 53c price, the cost of transporting to Ireland, unloading, loading up tankers, driving to distributors & delivery to your home plus a small profit for the distributors. Total is about 12c per litre.

So currrent price based on world market is 65c + vat @13.5% which equates to approx. 74c per litre.

Expect this price to be available in about 2 weeks.

snaps

Its all rediculous, as soon as news in the morning oil has increased per barrel, Forecourts raise their prices, But when its coming down its not shifting.

chrislad

The excuses I've heard is that when price is going up, and the forecourt prices go up, it's because of restocking costs. When the opposite is true, it's because they'll already bought it and can't afford to take a loss.

darc

According to the AA, Ireland is one of the cheapest countries in Europe to buy petrol & diesel. http://www.aaireland.ie/petrolprices/

Bendihorse

chrislad wrote: »

The excuses I've heard is that when price is going up, and the forecourt prices go up, it's because of restocking costs. When the opposite is true, it's because they'll already bought it and can't afford to take a loss.

Same works in reverse, the oil they had in their tanks before a hike (bought at the cheaper rate a day or two before) will be increased by shop owners on the morning of a hike, thus giving them a better profit margin on that particular stock.

Now i dont bedgrudge this to shop owners (From what i hear there is no money in it anyway), they do have a stock of a product thats after getting more valuable over night. But if thats the case, the same should work in reverse, they should drop the price of their oil stock in line with the market the morning of a fall, if they want to hold or increase it the morning the market price goes up.

You have to/should, take the rough with the smooth in business.

grahamo

darc wrote: »

According to the AA, Ireland is one of the cheapest countries in Europe to buy petrol & diesel. http://www.aaireland.ie/petrolprices/

I'm pretty sure Ireland would be the most expensive when it comes to road tax,VRT and new car prices. In my view having relatively cheap petrol prices doesn't nearly make up for being overcharged elsewhere.

Guy:Incognito

grahamo wrote: »

I'm pretty sure Ireland would be the most expensive when it comes to road tax,VRT and new car prices. In my view having relatively cheap petrol prices doesn't nearly make up for being overcharged elsewhere.

Holland are more expensive on VRT.

Danno

darc wrote: »

The price of refined heating oil is 53c per litre as of this morning (6% drop) on the London exchange. ($2.77 per US Gallon) The US dollar has strengthened by approx. 13% in the past 4 weeks, so the full effects of oil price reductions are somewhat eroded by the stretgthening dollar.

Add to the 53c price, the cost of transporting to Ireland, unloading, loading up tankers, driving to distributors & delivery to your home plus a small profit for the distributors. Total is about 12c per litre.

So currrent price based on world market is 65c + vat @13.5% which equates to approx. 74c per litre.

Expect this price to be available in about 2 weeks.

Thank you very much for posting... I asked the question here: http://www.boards.ie/vbulletin/showthread.php?t=2055378270 and got little or no reply.

So Early October looks like fill the tank time... unless it drops further!

Danno

One point tho - I thought home heating oil was now 5% VAT to harmonise with the Norths' rate?

Manuel

From D'Examiner today, for what it's worth ...

---

Oil price drop ‘will not be passed on yet’
By Geoff Percival

THE falling oil price, down to $91.50 per barrel yesterday, will not have an immediate effect on the cost of petrol at the pump for motorists, but Irish drivers should see some difference in the next month or so.

"The retail price of fuel lags behind wholesale oil prices by around four weeks, so the change we saw in the average petrol price in August was determined by oil price fluctuations from the previous month," according to the AA’s Conor Faughnan.

"We are seeing an eventual effect and we would expect to see substantial price drops in the next month," he said. The average price of petrol at the pump in August (September’s average figures are due out later this week) was just more than €1.28 per litre, down from July’s average of €1.33.

Danno

Wonder will it go sub $90. A price of $40 would be grrreat!

Biggins

Danno wrote: »

Wonder will it go sub $90. A price of $40 would be grrreat!

I think that would be a dream LOL

Danno

Which part, the $40 or the $90 (or dare I ask, both???)

wazzoraybelle

Anyone filled up on heating oil (kerosene or gas oil) in the last week or so? how much per litre? Ta.

whiterebel

Pr*ck from Maxol on Matt Cooper last night trying to justify the fact it wasn't dropping. Didn't know how much it was on the forecourt last time the barrel was $90. Lucky for him he was gone when someone texted in it was €1.08.....We have a toothless competition authority in this country, IMO. The deal to buy Shell and Statoil was wrong and has allowed them to keep the price high. Small independents like Josephine's in Urlingford are consistently 5c a litre cheaper than other garages. I don't believe all this BS about 5c per litre margins either. Too many people involved - Refinery, Oil companies and then garages, with all adding huge mark-ups.

Oryx

wazzoraybelle wrote: »

Anyone filled up on heating oil (kerosene or gas oil) in the last week or so? how much per litre? Ta.

Day before yesterday. Kerosene 78 c per litre.

wazzoraybelle

I last filled up in april at 73c/ ltr when crude had broken through $100, today crude is at $80. My oil supplier just quoted me 71.5c/ltr, the recent changes seem to be trickling through finally.

darc

Today's price with emo oil is 73c per litre. With further falls on world market price should drop to about 62c in November. Yippee!

mumhaabu

wazzoraybelle wrote: »

I last filled up in april at 73c/ ltr when crude had broken through $100, today crude is at $80. My oil supplier just quoted me 71.5c/ltr, the recent changes seem to be trickling through finally.

What fuel were you filling up with? Kerosene, Road Diesel (White) Marked gas Oil (tractor giesel green) or Marine, Aviation etc?

MisterAnarchy

I'm sure the Govt will be delighted with this price drop so that they can increase the excise on it as much as they possibly can.

wazzoraybelle

mumhaabu wrote: »

What fuel were you filling up with? Kerosene, Road Diesel (White) Marked gas Oil (tractor giesel green) or Marine, Aviation etc?

Kerosene.