Oil at $42 barrel - How much should petrol/diesel cost?

DonJose

Given that oil is now selling at $42 a barrel, oil prices have fallen about 70 percent since peaking at $147.27 in July, how much should a liter of petrol/diesel cost when VAT/Duty, production and retails costs are added in. Could we see petrol/diesel selling below €0.90.

mickdw

With the current taxes, I cant see prices going below 94, 95 cents. The other danger of these good prices are that the government might decide to add another few cents on in tax.

Lumen

Oil was at around this price in mid-2004.

In June 2004, prices were:

Unleaded
100.4c

Diesel
91.6c

Super
109.6c

..according to AA Roadwatch.

L-M

I got more than i put in, ie. put in €40 yo yo's and got 40 litre . something. So as long as it stays that way, i'm don't really mind. When it's goes over the €0.99 mark again i'll start to worry:D

Hogzy

Cork stations still havnt gone below the 101.9 mark yet which is really annoying cos i want 60litres for €60 :p:p

L-M

Hogzy wrote: »

Cork stations still havnt gone below the 101.9 mark yet which is really annoying cos i want 60litres for €60 :p:p

Come to the dark side:D



Ie. Limerick

Zonda999

Hogzy wrote: »

Cork stations still havnt gone below the 101.9 mark yet which is really annoying cos i want 60litres for €60 :p:p

Filled up in cork yesterday and it was only 99.9c. That said, a couple of miles down the road it was 102.9c:rolleyes::rolleyes:

Alun

Hogzy wrote: »

Cork stations still haven't gone below the 101.9 mark yet which is really annoying cos I want 60litres for €60 :p:p

101.9 - 102.9 appears to be the norm around this neck of the woods too, i.e. Bray / South Dublin.

Danbo!

DonJose wrote: »

Given that oil is now selling at $42 a barrel

According to RTÉ.ie... some now as low as $39.50

Crude oil prices plunged below $40 to their lowest levels in nearly four years, as worse-than-expected jobs data in the US raised prospects of a severe fall in energy demand.

In London, Brent North Sea crude slid to $39.50 a barrel, the lowest level since the January 2005. US light sweet crude for January slid to $42.00 in New York, also a near four-year low.

Later, London Brent stood at $40.20, down $2.08 from Thursday's close. US crude was down $1.27 at $42.40 a barrel.


Oil prices have plunged by more than two thirds since reaching record high points above $147 in July, pulled down by a widening global economic slowdown which affects demand.

Earlier, the International Energy Agency lowered its projections for global oil demand in 2008-2013, foreseeing annual growth of 1.2% rather than the previous 1.6% in the face of a worldwide economic slump.

In an announcement ahead of the US jobs data, the IEA said demand for oil products should climb from 86.2 million barrels a day in 2008 to 91.3 million in 2013, altering forecasts it had made in July.

Amtmann

Hogzy wrote: »

Cork stations still havnt gone below the 101.9 mark yet which is really annoying cos i want 60litres for €60 :p:p

The Renault garage on the Model Farm Road was 99c for a few days early last week, but it's 101 again now.

Mickk

Good article about petrol prices here, http://www.ipia.ie/Issues/upload/What_determines_pump_prices.pdf

Basically if petrol was free we would still get charged 63 cents duty plus transportation costs (~3c) and petrol forecourts overheads (~3c) plus the profit (~1c) so before petrol price even comes into it its up to 70c a litre (Hammertime might correct me here?)

The best price around ireland now is 96.9 which has the petrol itself being 26.9 cents or 22.1 plus vat, at the current exchange rate, in order for petrol prices to reach 89 cents the price of a barrel would have to go down to around 29 dollars a barrel...

Mickk

Furet wrote: »

The Renault garage on the Model Farm Road was 99c for a few days early last week, but it's 101 again now.

Don't forget the government in all their wisdom increased the vat rate by half a percent which came into effect last monday.

Hogzy

South Link Service station is .99c HURRAHHHHHH!!!!!!!!!!!!!!:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D

Hal1

Applegreen tyrconnell rd, 98.9c.

Dartz

Blanchardstown Renault... 108.9c for both :mad:

Fortunately, the Hartstown Topaz does Petrol at 99.9, and Diesel at 101.9 IIRC

event

.99 cent pretty much everywhere in dundalk, has been for the last week or so

Hogzy

Nearly every station in cork apart from the usual rip offs like texaco in blackrock/mahon! Strange how there all basically the exact same price! I love it:D Happy christmas fuel tank... Actually no, ill change that, happy christmas wallet:p

L1011

Dartz wrote: »

Blanchardstown Renault... 108.9c for both :mad:

Last time I tried to get fuel there I was told "the power is out, the pumps are off". Oddly enough the Power City in the same estate had power, as did the Blanch centre...

Not enough to feed the meter I wonder

Hal1

Texaco, Tower Rd Clondalkin 97c. Not sure about the diesel, it's only a newly refurbished garage so I'd imagine they'd be competitive.

L-M

Most places around Limerick are at the 97 mark. It's great haha:D

Gary ITR

Once it stays below the euro mark I'm happy out tbh

NiSmO

This post has been deleted.

Plug

The desial should be cheaper than petrol.

Capt'n Midnight

there is a lot more trading in oil than there used to be
used to pass through 3 traders on average now up to 20 and each takes a slice of profit

darc

Athy 94.9 for Diesel

Bandara

Plug wrote: »

The desial should be cheaper than petrol.

no it shouldn't

inode

over in the states im getting regular for $1.59 a gallon. only a few weeks ago it was like 2.20 a gallon. Back in october it as nearly 3.59 a gallon

mumhaabu

inode wrote: »

over in the states im getting regular for $1.59 a gallon. only a few weeks ago it was like 2.20 a gallon. Back in october it as nearly 3.59 a gallon

What state you in?

inode

in las vegas at the moment but have been travelling for the last two months from new york city the whole way over San Francisco

ibFoxer

Im delighted to say that im picking up diesel around Nenagh/Borrisokane for 98.9c a litre..... @ 56mpg average im happy out!!

S.I.R

petrol/diesel should be 85-90 c per liter, diesel being the cheap seening as its quicker and cheaper to produce... :rolleyes:

Bandara

S.I.R wrote: »

petrol/diesel should be 85-90 c per liter, diesel being the cheap seening as its quicker and cheaper to produce... :rolleyes:

Care to elaborate why 'should' it be at this price? As the current Wholesale for UNL and Derv is substancially more than that amount.

Also, for the record Diesel ALWAYS undergoes a price surge in Winter due to the base materials of Derv are also used to make Home Heating Oil.

The average Hydrocarbons in Derv are C12H26 (C = the quanitity of Carbon Atoms in the blend with H being the quantity of Hyrdogen Atoms in the blend), The range of hydrocarbons found in in Home Heating Oil have a expanded range from about C10H25 to C16H34, which means that in effect on the lighter end of the scale the two products are essentially almost identical in composition, hence the dye agent that is often added to the light blend home heating oils in some countries tpo prevent people using the cheaper HHO product in their vehicles.

So to conclude, Derv should not be cheaper than UNL as it is currently in direct competition with the Heating Oil market which with the freezing temperatures at the moment is absolutely booming and as a result a lot of the refineries in Wexford are almost soley concentrating on producing HHO instead of Derv thus reducing the quantity being made, and as a result the price is increased wholesale due to supply and demand.

Also internationally these blends are highly in demand so the option of importing finished product cheaper is no longer there.

So I have to ask again, why do you say that fuel should be available at the pumps at 85c, and that Derv should be cheaper? What are you basing this on?

JJJJNR

95.9 cent a litre diesel in Rathnew Station. HAPPPY DAYS! Cost 48 euro for 50.5 L

Capt'n Midnight

http://www.nakedcapitalism.com/2008/05/cftc-investigation-of-oil-trading.html "The West Texas Intermediate oil contract, based on delivery in Cushing, Oklahoma, is good for 300,000-400,000 barrels per day. The storage capacity in Cushing is about 20.5m barrels. The trading volume on which that is based is between 500m and 600m barrels per day. If you are going to manipulate the price, you would think about doing that in Cushing."

http://www.bloggingstocks.com/2008/08/21/speculation-accounts-for-81-of-oil-trading-volume/ the Commodities Futures Trading Commission (CFTC) has analyzed the books of oil traders and calculated that 81% of oil trading volume was conducted by speculators.

Plug

Hammertime wrote: »

no it shouldn't

Yes it should, its cheaper to make.

Bandara

Plug wrote: »

Yes it should, its cheaper to make.

I refer to my post of 11:08 today. There are more than simply the costs of manufactoring to consider in the price of a product.

Derv will most likely be increasing in price in the next few weeks.

P.C.

I love it when people post on boards that petrol should be at this price, or diesel should be at that price, but never back it up with any reasoning.

I always wonder what profession they are in. I know that they are not in the oil/petrol industry. I know that they do not own a filling station, or we would be able to fill up for less than what we can now.



hammertime is very good at keeping us informed about the price of petrol and diesel, and why the price is what it is, but, yet, there are still posters who do not believe him.

He is in the fuel trade.

I think it should cost €10 to see my doctor, because that is what my father paid when he was my age. :rolleyes: