Petrol - 10c too expensive?

roosterman71

I just noticed that petrol around me is at 103.9 in the majority of stations. Why?

I read here that it can take stations a few weeks to pass on any price reductions in oil to consumers (from getting it from suppliers, etc etc). But with oil at $40 approx for the last couple of months, why is petrol going back up? It was around the 93c mark 5/6 weeks ago, why is there 10c extra on it?

It makes no sense to me. It seems like suppliers to stations, and stations themselves are putting on an extra cent or 2 for the sake of it.

I'm angry, and confused about it.

:mad:

Guy:Incognito

Whats the dollar tradeing at in relation to 5 /6 weeks ago?

Bluetonic

Oil has risen approx 50% since the end of 2008 (27th-Dec approx)and now sits at 45$ after going over 50$ early Jan.

Yakult

I miss how it was 92c tis 99.4 where I am now.

But I guess i cant do nothing about it just gotta live with it. Better than been 115.9 tbh lol.

roosterman71

Dollar is currently at 0.779 per €

About 5/6 weeks ago it was approx 0.73 per €

Brent oil is $44.35, crude is $36.24
http://www.bloomberg.com/markets/commodities/energyprices.html

Atomic Pineapple

I just passed a petrol station this morning advertising it at 105.9 :eek:

Heroditas

I guess the price of petrol here is closely linked to the price of Brent? Maybe someone could confirm. Brent hasn't fallen as much as Nymex - partly due to speculators trying to make some money out of the Russian/Ukranian gas pipeline feud.

Anyhoo, we need Hammertime to tell us if there is any drop likely to appear in the next while or if he has heard anything

Cookie_Monster

With the American economy and dollar in the toilet why is the FX rate still so important, can we not trade oil in Euro rather than dollar at this stage? Aside from the US the EU has to be the biggest buyer of the stuff...

Euroisation FTW

Cionád

mcaul says:
2009-02-11 12:38:31

I estimate petrol will rise to 1.07 average over the next few days, but diesle will drop to 95c.

It has to do with the refined price for petrol / diesel which doesn't always follow the raw material price of unrefined oil. This has risen from a low of 15c in mid December to 27c today. - This also takes into account the dollar moving fom 1.45 in December to 1.28 today.

Currently both diesel & petrol are about the same price from the refineries (first time in over a year) at 27c per litre.

Petrol currently has 50.79c / litre duty & distribution / retail costs are about 12c / litre. This adds to 88.79c add 21.5% VAT and you get 1.09

Diesel meanwhile has 35c duty (approx), add this to cost of diesel @ 27c + 12c retail / distribution and you have 74c + vat @ 21.5% = 90c.

My guess is that there will be some cross subsidisation, so diesel will be approx. 94c & petrol will be approx. 1.05.

Del2005

Cookie_Monster wrote: »

With the American economy and dollar in the toilet why is the FX rate still so important, can we not trade oil in Euro rather than dollar at this stage? Aside from the US the EU has to be the biggest buyer of the stuff...

Euroisation FTW

Do you not know what happened the last country that tried to trade their oil in Euro?:eek::eek:

The price of petrol isn't exactly linked to the price of crude, when coming down anyway. It's the price of crude, dollar exchange rate, processing costs and how much petrol and diesel the refiners have in storage or processing that affects the cost most. And don't forget that our kind caring goverment added 8c per litre in the last budget.

old boy

i just passed a topaz station 107.9

Cookie_Monster

Del2005 wrote: »

Do you not know what happened the last country that tried to trade their oil in Euro?:eek::eek:

It wasn't Iraq/Afghanistan was it

Anan1

Cookie_Monster wrote: »

It wasn't Iraq/Afghanistan was it

It was Iraq, there's a theory that this was the fundamental reasun for the US invasion.

Fighting Irish

roosterman71 wrote: »

I just noticed that petrol around me is at 103.9 in the majority of stations. Why?

I read here that it can take stations a few weeks to pass on any price reductions in oil to consumers (from getting it from suppliers, etc etc). But with oil at $40 approx for the last couple of months, why is petrol going back up? It was around the 93c mark 5/6 weeks ago, why is there 10c extra on it?

It makes no sense to me. It seems like suppliers to stations, and stations themselves are putting on an extra cent or 2 for the sake of it.

I'm angry, and confused about it.

:mad:

Its because you keep paying, its fairly simple really

roosterman71

Fighting Irish wrote: »

Its because you keep paying, its fairly simple really

Don't pay as much as I used to. Walk to work mainly now. Cycle to play football, etc. Really only drive from the parents spot to where I live/do the shopping/visit the gf/etc. The car is idle most days.

This time last year it was different. i used to drive for the sake of it. I like driving