Oil Prices - When will we see a fall at the pumps

daraghmack

In mid July oil hit a record high of $147 a barrell. Since then it has fallen consistently day by day and today it dropped under $110 a barrell. This, I calculate is a fall of roughly 25%. The most I have paid for petrol this year is €1.32 a litre, logic would make me assume that petrol prices should have fallen 25% in line with oil prices, the cheapest I can get petrol for at the moment is €1.25 per litre a drop of only 5% on €1.32 per litre.
How long do we have to wait to benefit from falling oil prices? When oil prices are going up it doesn't take long for us to see the effect at the pumps!!

jamesozzie

Fair play to you for mentioning this, I've been saying the same myself for ages. It's really annoying isnt it, they have no problem pushing the prices up when the price of oil goes up but as its coming down its a different story!!

daraghmack

Would just be a bit worried that the petrol station owners realise that we are used to paying high prices so it is in their interests to keep them artificially high for as long as possible.

Payton

I recieved an email from a friend asking people to stop using a well known chain of filling stations in the hope that people will stop giving the major oil company their profits and force them to lower their price at the pump, I suppose if everybody done it for a two week period they would react so what.

mike65

Name names then! (Topaz?)

Mike

Tabnabs

Fair play OP, I have been thinking the same myself. Brent crude oil is $90.25 today and petrol is around the €1.20/l

I reckon the consumer rights people should be screaming about this.

mike65

Fuel dropped 7 cents last 10 days ago, thier might be more. The euro is down to 1.38 against the dollar though.

Mike

Payton

Well you have named them

mick.fr

I pay 1.16/1.17 for Tekron at Texaco off the Naas Road after the MacDo.
This station is following closely official prices and they are always the cheapest around. I never hear of them on the radio when people are sending the cheapest station, they actually probably are around Dublin.
Diesel too is cheaper.
I go there everytime I can.

mike65

on the verge wrote: »

Well you have named them

I'd noticed how they were 5-6 euro a fill dearer.

Mike

LEIN

Got me self some unleaded today from Tesco for 118.9. Should be a little lower imo.

Dannyboy83

I think Tivoli are the most expensive in Cork , the petrol stations around there were charging 128 last time I checked.

Currently at about 120 for a litre unleaded around North and west Cork.
Southside seems to be about at 124.

The drop in prices is taking a while to be passed back to the consumer, no matter how big the various petrol stations reserves seem to be.


I think theres a petrol station near the port tunnel in Dublin that charges something like 1.50 or 1.60, trying to catch tourists or something.

mike65

Thats gone, or rather the guy who ran it has sold it on and its now selling fuel at the going rate.

Mike

LEIN

oil prices below $80 a barrel

http://www.rte.ie/business/2008/1010/oil.html

mumhaabu

Damo9090 wrote: »

oil prices below $80 a barrel

http://www.rte.ie/business/2008/1010/oil.html

Last time they were down at that level, I was filling up at bettwen 97 to 99c a litre for Petrol, yet I know one station where it is still 1.31/litre unleaded and €142.5/litre Diesel, they are some ripoff merchants! quick to jack up prices yet slow as treacle to pass on savings.

Celtic Mech

The petrol station in Donabate is 116.9 for Petrol and 121.9 for Diesel. Confirmed as on 11th Oct

bmaxi

I read that the oil suppliers are to be allowed to set a maximum price for their products, it seems they are not too happy with the prices some retailers are charging. Incidentally, who would bet against Lenihan having a go at fuel in the Budget seeing as we're used to paying high prices.

LEIN

bmaxi wrote: »

Incidentally, who would bet against Lenihan having a go at fuel in the Budget seeing as we're used to paying high prices.

I wouldn't be surprised if that was the case. The hauliers will crack up altogether!

bmaxi

bmaxi wrote: »

Incidentally, who would bet against Lenihan having a go at fuel in the Budget seeing as we're used to paying high prices.

More than likely he will along with putting everything else up and no doubt hitting are wages and welfare.

If you think we're in a recession now wait till you see what happens on Tuesday.

is_that_so

bmaxi wrote: »

...
Incidentally, who would bet against Lenihan having a go at fuel in the Budget seeing as we're used to paying high prices.

I doubt it but it might explain why prices seem to be moving down so slowly. We are used to them and have factored them into our daily lives so any price not going up is a relief.

Colonel Sanders

When prices were going up we were told that filling stations had to charge 'replacement cost'

Now we had the AA saying that the price at the pumps lags the price of oil by about 2 months.

We were shafted on the way up and now on the way down :mad:

Boggles

The head of Maxol Ireland was on the radio during the week basically talking out of his arsé, apartently the cost of petrol has nothing major to do with the price of a barrel of oil and is all to do with the cost of refinement.

When asked what he thought of a petrol station in Cork raising and lowering it's prices up to four times a day, the dearest being at rush hour, he replied "Ingenuity" and applauded the station owner for doing so.

Personally I'm not too pushed about saving the enviroment, but the sooner they perfect an alternative fuel driven car, I will breath a deep sigh of relief in getting one step closer to ridding the world of these fossil fuel idiots.

Xcellor

Petrol 109.9 in Athlone, Kilroys Blyry industrial estate.
<EDIT> In the afternoon I went back and it was 113.9 so obviously I am blind or the price changed during the day. </EDIT>

Cheapest i've seen petrol in a long time. Most places around here are still charging 1.24, the cheapest price I could see in Dublin yesterday was 119.9/118.9.

Cost of refining does not account for the massive increase and then subsequent slow and very gradual almost cent a week. Total BS that its not tied with the cost of oil, duh that's the main ingredient and the most expensive part i'd imagine.

I for one am p*ssed off at the obvious price fixing that is going on around the country. Regardless of which petrol station you goto the price is exact to the .01. How can you shop around and exercise your rights as a consumer if everyone is charging the same.

Does anyone on boards own a petrol station and perhaps clarify how the pricing actually works??

poolfan

petrol stations around galway still 123/125 for petrol. what a shower of rip off merchants

mike65

Xcellor

http://www.boards.ie/vbulletin/showthread.php?t=2055396486&page=2

Mike

mathie

Just back from Oman (as you do).
One guy driving a very big SUV told us that it costs about 8 euro to fill the thing up.
Hilarious.
M

bmaxi

mathie wrote: »

Just back from Oman (as you do).
One guy driving a very big SUV told us that it costs about 8 euro to fill the thing up.
Hilarious.
M

I know we shold shop around but that's just ridiculous.:D

Preset No.3

The Petro pumps are one thing, how about flying on the airlines

Aer Lingus ups long-haul fuel surcharge again
Wednesday, 4 June 2008 15:06

Aer Lingus is to increase its long-haul fuel surcharge on routes to the US again. This latest increase comes less than a month after the airline upped the charges for the seventh time since May 2006.

The increase will be effective from Wednesday June 11. Aer Lingus says it is due to the continuing increases in the price of oil in recent weeks.

The fuel surcharge on flights to and from New York, Boston and Washington will increase from €65/$100 to €75/$115 each way. Flights to and from Chicago will increase from €65/$110 to €75/$125 per flight.

'With jet fuel prices reaching unprecedented levels, increasing by 13 % month on month May over April, we have been driven to increase our fuel surcharge on long haul flights once again', commented Aer Lingus Corporate Affairs Director, Enda Corneille.

'Today's fuel surcharge increases reflect the continuing pressure the high price of oil is having on our long haul operation,' he said.

He said the airline will keep the level of the surcharges under constant review and make adjustments where appropriate.


So even though Oil has gradually gone down over the past couple of months, and it now laying at its lowest level in almost a year, Aer Lingus still dont see fit to reduce the fuel surcharge! How does Aer Lingus justify having the surcharges at $145 a barrel, when its sitting at $70 a barrell.

mike65

They bought on a fixed price contract at 145 dollars a barrell.

Mike

bmaxi

mike65 wrote: »

They bought on a fixed price contract at 145 dollars a barrell.

Mike

I don't understand that but then I'm not an economist. If they bought at a fixed price then why would it fluctuate? Are there other factors involved and if so, is it not a little disingenuous to blame oil price rises?

darc

As I've commented before, the petrol retailers make approx. 5c - 8c per litre.

You need to understand the whole cost of of the final product at the pump rather than just the per barrel price.

Oil is sold in US dollars. In august the Euro was at $1.60, today it is at $1.26

Petrol & Diesel are refined product, the cost of refining remains relatively constant no matter what price the oil is.

Petrol & diesel have fixed rates of duty. Diesel approx. 35c + VAT & petrol 42c + vat.

Based on Friday's market price for petrol, this is the calculation.
http://www.profitquotes.com/commodities-quotes.mpl?a=detailed&ticker=/RB8X

Price per US gallon (3.8 litres) 1.498 for November delivery.
Price per litre 39.42 US Cent @ exchange rate $1.26 = 31.28 cent euro

Delivery to Ireland, distribution costs, retailer cost + profit for distributor & retailer - average 15c

Duty - 42c

31.28c + 15c + 42c = 87c + vat @ 21% = 1.06

Look forward to 1.06 in the better priced garages within 2 weeks.

Diesel. (diesel costs substantially more to refine) $1.95/us gal. 41c euro / litre. + duty @35c + costs @ 15c + vat = 1.10

Heating oil
$1.96 / us gallon 41c euro / litre + 10c costs (some retailer costs not applicable) = 51c + vat @ 13.5% = 58c / litre or 580 per 1000 litre fill

C5

I bought Diesel @ South Link Service Station Cork yesterday for 1.119 c.p.l. (Esso) yet Rochestown Autos also (Esso) are chargeing 1.159 c.p.l. Wondering why is this ?

LEIN

C5 wrote: »

I bought Diesel @ South Link Service Station Cork yesterday for 1.119 c.p.l. (Esso) yet Rochestown Autos also (Esso) are chargeing 1.159 c.p.l. Wondering why is this ?

That post is hurting my eyes even more than the hallowe'en skin!