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Price of Petrol

  • 11-12-2008 4:34pm
    #1
    legalbird12
    Closed Accounts Posts: 64 ✭✭


    Can somebody please explain to me this...

    The price of oil has fallen below $50 a barrell compared to $150 a few weeks ago. WHY is the price at the pumps not reflecting this?

    This has been annoying me for a while.

    Thankyou for any reply.


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,136 ✭✭✭✭L1011


    It is reflecting it, almost exactly. Much of the price of fuel is duty. Last time oil was this price, fuel was much the same price.

    http://boards.ie/vbulletin/showpost.php?p=58230605&postcount=26 explains it well, Hammertime knows his stuff on this probably more than any other poster.

    http://www.ipia.ie/Issues/upload/What_determines_pump_prices.pdf is also a good document


  • #3
    ardmacha
    Registered Users, Registered Users 2 Posts: 7,476 ✭✭✭ardmacha


    And of course tax was increased by 8c in the budget so the price would be this much higher than the last time oil was this price.


  • #4
    macnab
    Registered Users, Registered Users 2 Posts: 1,505 ✭✭✭macnab


    There is another thread running on this at the moment.

    Duty on petrol is 50.88c per litre, VAT at 21.5% is charged on top of that so duty actually costs 61.82c.
    Duty on diesel is 36.81c per litre, VAT at 21.5% is charged on top of that so duty actually costs 44.72c.

    So a breakdown for unleaded is:

    27.46c = net cost per litre
    50.88c = Government Duty
    16.84c = VAT on (net + Duty)
    95.18c = typically what a petrol station is paying for a litre of Unleaded.


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