Price of petrol megathread

Cantona's Collars

As soon as my nearest forecourt owner hears the words "oil price rise", he's out raising his prices.

inforfun

Oil prices dropped but the Euro lost value against the Dollar.
Everything won on the oil price drop, you lose on the Euro since oil is traded by xxx dollar per barrel.
So the petrol will not go down as much as you would hope.

But yes, if there would by any change in price, downwards, there is normally not much of a rush to lower prices for consumers.

Sergeant

A myriad of factors.

Current trading prices are for crude, which usually takes (at least) 6 to 8 weeks to start coming through at the consumer end.

Large oil customers hedging their fuel prices at levels that put a floor on the cost of fuel.

About 60% of the cost of a litre goes in taxes, excise, and environmental levies.

Supply and demand - If I can sell a product for €1.65, then why would I feel the need to sell it for €1.55? If competitors lower their prices to take market share, or consumers stop buying the product, then the price will fall.

thewing

Agree with you on the supply and demand point

Why would they lower their prices when they can get away with increasing it in the first place?

Unfortunately consumers can not vote with their feet (unless they give up their cars!)

To be fair though, I did see a graph recently which has said petrol prices increases have only been outpacing inflation since 2010 - hopefully things might calm down a bit in to the future.....hopefully!

cloptrop

I ll tell you why , because America is not taking over these OPEC countries . If America cruised in and took over they could sell the oil really cheaply because its free. The fact is these places like Libya make a fortune from us just because our oil grew in their country . If it grew in our country their would be some sort of Kyoto agreement saying we have to give 10 per cent of our GDP in oil to developing nations.
I say take it now before the balance of power shifts . By my calculation if America got the oil for free they could afford to sell it to us for 50 cent a barrol and still profit.
Its basic common sense.

Capt'n Midnight

zerks wrote: »

Petrol should be roughly 120c a litre now but as it stands it's average price is 160c a litre.
The spiel is that price drops take 3 months to hit the pumps yet rises can happen in hours,of course the government won't do anything about it as they profit from the taxes.

Mean while in the UK http://www.bbc.co.uk/news/uk-politics-18262301

Transport Secretary Justine Greening has said she will consider legislation to force petrol retailers to pass on cuts in the wholesale price of fuel.

The Department for Transport says pump prices paid by motorists have fallen by just 7p despite a 10p fall in wholesale prices since April.

Zebra3

Nothingbetter2d wrote: »

€158.9 in munnelly's garage carlow

If they can sell it at that price, fair play to them. :pac:

Capt'n Midnight

Nothingbetter2d wrote: »

cos kenny and his feckwits won't lower the fuel taxes... which accounts for almost €1 of tax per litre

Vicxas wrote: »

Yup, oil prices drop. Tax stays the same. Goverment gets profit!

Yes the Tax stays the same, Government get a fixed income even if prices go up.
Light Oil (rates shown include carbon charge) Petrol 587.71 per 1,000 litres Excise is 59c per litre

VAT is 23% - but that's on most things , fact of life really
€1.50 / L = € 1.219 + VAT VAT is 28.048c

So total tax take is 86.81c/L
it's not €1 and won't be until petrol costs at least €2.19 / L

Faolchu

thewing wrote: »

Yes but why does it rise within hours of news of a 'crisis' within an OPEC country?
Why does it always appear that our petrol companies source their petrol continuously from countries in 'crisis' i.e. Libya? (Plenty stable countries in OPEC)

simples. Greed and the possibility of a future shortage

Riskymove

Zebra3 wrote: »

If they can sell it at that price, fair play to them. :pac:

I also got €1.58

on the quays in Dublin

its around 1.61 - 1.62 around dublin generally

it was 1.68-1.69 a month ago

af_thefragile

Top petrol pump by the quas yesterday had 157.9 or something around that for petrol... That was like a whole 10c cheaper than most other places in Dublin.

I dunno how those guys manage to sell petrol for that cheap... They probably mix it with vegetable oil or piss or something!

Nothingbetter2d

af_thefragile wrote: »

Top petrol pump by the quas yesterday had 157.9 or something around that for petrol... That was like a whole 10c cheaper than most other places in Dublin.

I dunno how those guys manage to sell petrol for that cheap... They probably mix it with vegetable oil or piss or something!

most will bulk buy at lower prices

Duggys Housemate

It cant be tax. The only way tax could offset a decrease in price by the sellers would be if the tax increased as the underlying sales price decreased.

Nothingbetter2d

Capt'n Midnight wrote: »

Yes the Tax stays the same, Government get a fixed income even if prices go up.
Light Oil (rates shown include carbon charge) Petrol 587.71 per 1,000 litres Excise is 59c per litre

VAT is 23% - but that's on most things , fact of life really
€1.50 / L = € 1.219 + VAT VAT is 28.048c

So total tax take is 86.81c/L
it's not €1 and won't be until petrol costs at least €2.19 / L

your forgetting the income tax paid by wholesalers and hauliers that supply the fuel. factor those in and it brings it upto about €1 per litre

Zebra3

Riskymove wrote: »

I also got €1.58

on the quays in Dublin

its around 1.61 - 1.62 around dublin generally

it was 1.68-1.69 a month ago

*Whoosh*

Duggys Housemate

Nothingbetter2d wrote: »

your forgetting carbon tax of 4.5c and the income tax paid by wholesalers and hauliers that supply the fuel. factor those in and it brings it upto about €1 per litre

It doenst matter. If prices before tax decrease at the pump, and the tax stays the same, prices after tax will decrease. Taxes are not the reason why petrol prices are not coming down.

af_thefragile

Nothingbetter2d wrote: »

most will bulk buy at lower prices

But a whole 10c of difference between them and most other petrol stations in town. How cheap do they buy their petrol for and then why is everyone else so much more expensive?!

Nothingbetter2d

af_thefragile wrote: »

But a whole 10c of difference between them and most other petrol stations in town. How cheap do they buy their petrol for and then why is everyone else so much more expensive?!

they get rates... the more you buy in one go the cheaper you get it.

jacko1

Diesel 149.9 at Johnstown, Co. Kilkenny (just off Dub/Cork motorway)

main reason that prices are not coming down is that oil is priced in $ and the € has been losing value against the $

Capt'n Midnight

Nothingbetter2d wrote: »

your forgetting the income tax paid by wholesalers and hauliers that supply the fuel. factor those in and it brings it upto about €1 per litre

we've been told for years that the hauliers haven't made any profit, egro not much tax paid

also businesses can claim the VAT back , (disabled drivers can claim the excise back)

coffee_cake

af_thefragile wrote: »

Top petrol pump by the quas yesterday had 157.9 or something around that for petrol... That was like a whole 10c cheaper than most other places in Dublin.

I dunno how those guys manage to sell petrol for that cheap... They probably mix it with vegetable oil or piss or something!

i think they were the ones who got caught for scamming people - check motors forum

af_thefragile

bluewolf wrote: »

i think they were the ones who got caught for scamming people - check motors forum

Yeah thats what i heard when they closed down but they renovated their petrol pump and i think they also got a new management and they're still cheaper than everyone else!

robot7080

Altreab wrote: »

that and the fall of the Euro over the last few months as seen here it down from 1.33 to 1.24 and still dropping All oil bought and sold in US dollars.

+1

Nothingbetter2d

Capt'n Midnight wrote: »

we've been told for years that the hauliers haven't made any profit, egro not much tax paid

also businesses can claim the VAT back , (disabled drivers can claim the excise back)

of course they make profit otherwise they would be out of business.

Capt'n Midnight

Nothingbetter2d wrote: »

of course they make profit otherwise they would be out of business.

Speaking in advance of the IRHA conference President of the Association Eoin Gavin stated “Operating conditions in our sector of business are continuing to deteriorate and haulage operators are finding it increasingly difficult to remain commercially viable.

The licensed industry needs movement from Government on both the EUR and on the issue of washed diesel freely available in the market.

smash

My local increased their prices by 3c over the last week or so.

I've seen plenty of garages drop around 6c a litre over the past couple of weeks and assuming that the Euro/Dollar rate doesn't take a huge dive with the current bankers mess then it should drop another 6c or so over the next month.

WindSock

Would it work if we collectively boycott certain companies each week or so until prices drop?

Nothingbetter2d

WindSock wrote: »

Would it work if we collectively boycott certain companies each week or so until prices drop?

it would take some organisation but it could work

the_syco

See it dropping by a few pence.

Price of oil goes up; pump price goes up.

Price of oil goes down; price will come down after a week or two, after they ensure it wasn't just a "dip" (price fluctuating will scare people).