Oil falls but pump prices remain high

mohican

The price of a barrel of Brent Crude Oil has fallen quite dramatically in the past three months, from a peak of just under $115 a barrel in June to a current price that’s hovering around the $97 mark. Now, as a general rule of thumb, each $2 change in the price of a barrel should result in about a 2c change in the price at the pump. That’s not an exact science by any means, but taking it as a crude measure (no pun intended) it theoretically means that the price of unleaded and diesel should have fallen by about 17c per litre.

It hasn’t. In fact, according to the AA’s monitoring of nationwide petrol and diesel prices, the cost at the pump has gone up. We sit at an averaged nationwide price of €1.57 for a litre of unleaded 95 RON and €1.44 for a litre of diesel. That’s about 1c more expensive than the price in June, and 5c more expensive than the price in January, for petrol. The price of diesel has remained more or less static in that period.

So, what is going on? Sadly, the Irish fuel retailers we contacted have decided to remain silent but Dermot Jewell, policy and council adviser to the non-governmental Consumer Association of Ireland, suspects it’s partially down to apathy on the consumers’ part.

“History has brought consumers to the conclusion that they have no power whatsoever in challenging fuel prices. They have raised their voices many times but with little or no realistic effect. Prices fluctuate frequently and without any realistic, plain English analysis being put forward as to why this is the case.”

There is a further question, which is why are oil prices dropping so much when there is so much political and military turmoil in the Middle East. Traditionally, any upsets east of Suez mean a global oil trading market with a case of the jitters and a consequent raising of prices. This time around, the reverse has been the case.

According to Benno Spencer, Platts senior managing editor, Europe and Africa Oil, there is no one simple answer to that conundrum, but rather a mix of measures that are affecting the oil price. “Spot crude demand is currently tempered by healthy levels of crude oil in storage; refiners can pick and choose between a number of options, which in turn minimises much upside price potential. Outright crude oil prices have also been put under pressure by good supply and, on a more macro level, a weaker economic outlook. On the supply side, Libya is now producing around 800,000 barrels per day. This is fresh crude supply the market has not seen sustained for a couple of years. On the demand side, weak Chinese manufacturing data and generally weak Asian demand have both played their part while there are expectations of slowing industrial growth in the United States. The geopolitical tensions in the Middle East are not playing the part many thought they would a month or two ago. Focusing on Iraq, one of their benchmark grades, Basrah Light, has seen no disruption to its production on the back of the IS insurgency; indeed, many suspect it won’t now be impacted.”

With all that being the case, our fuel costs should be dropping, especially with inflation pegged at just 0.4 per cent. Certainly in the UK, which draws most of its oil supplies from the same Brent Crude supply as do we, prices at the pump have come down. Petrol has remained mostly static, hovering at £1.29 per litre.

mohican

Sir, – Further to Neil Briscoe’s report (“Oil falls but pump prices remain high”, Motors, September 24th), motorists are being ripped off once more at the petrol pumps. He notes that despite a dramatic fall in the price of a barrel of oil in recent months, the average cost of petrol has not come down here, but has actually gone up! He maintains that we should now be paying 17 cent less per litre for our petrol and diesel.

What a difference 17 cent per litre would make to hard-pressed motorists, especially those who have long distances to commute to their place of work. Where are the powers that be – who have no hesitation in regularly raising motor taxes – when it comes to an anomaly like this? It was not surprising that the Irish fuel retailers, when contacted by your newspaper, preferred to remain silent. It goes without saying that they would up the prices at the pumps once there is any hint of a market rise.

It was also startling to read that Dermot Jewell, of the Consumer Association of Ireland, suspects that this disgraceful state of affairs is partially down to apathy on the part of consumers, who realise they have no power at the petrol pumps.

Come on then, motorists, show them this time. Throw off your lethargy and make your voices heard loudly on this latest affront to long-suffering car owners. – Yours, etc,

DENIS O’SHAUGHNESSY,

Janemount Park,

Limerick.

Del2005

The dollar is making huge gains on the euro. So we are paying more for the oil even though the price in dollars is falling.

Valetta

How much has the USD increased in value in that period?

SIX PACK

€1.39 Litre Road Diesel €1.47 petrol This morning in a Portlaoise garage. So has come down a few cents.
Their is still way too much Excise and Vat on every litre.

mohican

AA Ireland Fuel price figures
National Average Price Index each month since deregulation Oct 1991
Field work carried out in week 2 of each month. (All figures in Euros)
Budget changes
2014
Date Premium
Leaded
Super Unleaded Reg Unleaded Diesel
Dec
Nov
Oct
Budget
Sept
Aug 156.5 146.7
July 157.4 147.6
June 155.0 146.8
May 154.3 146.8
April 153.2 147.1
March 153.1 146.0
Feb 152.1 146.7
Jan 152.9 147.6
2013
Date Premium
Leaded
Super Unleaded Reg Unleaded Diesel
Dec 153.8 147.9
Nov 153.7 147.9
Oct 156.6 149.5
Budget No Change No Change
Sept 161.0 152.0
Aug 160.1 150.0
July 157.6 148.3
June 157.4 148.2
May 158.1 148.9
April 162.0 153.8
2
March 158.0 151.0
Feb 159.4 153.7
Jan 157.9 150.8
2012
Date Premium
Leaded
Super Unleaded Reg Unleaded Diesel
Dec 159.4 152.7
Budget No Change No Change
Nov 161.2 156.0
Oct 168.0 159.0
Sept 170.0 160.0
Aug 163.1 154.0
July 159.3 149.9
June 162.9 153.6
May 165.9 157.5
April 164.9 159.9
March 162.1 157.7
Feb 157.0 154.4
Jan 154.9 153.1
2011
Date Premium
Leaded
Super Unleaded Reg Unleaded Diesel
Dec 147.9 146.9
Nov 149.5 144.7
Oct 150.2 142.9
Sept 150.9 142.2
Aug 151.3 143.6
Jul 149.3 141.1
June 151.3 142.8
May 153.3 146.0
Apr 150.7 146.3
Mar 149.4 145.0
Feb 144.5 138.5
Jan 142.6 135.2
2010
3
Date Premium
Leaded
Super Unleaded Reg Unleaded Diesel
Dec 140.0 133.0
Nov 131.1 125.1
Oct 131.0 124.8
Sep 131.2 123.9
Aug 132.4 123.9
July 133 124.9
June 132.7 124
May 134.4 125.5
Apr 131.8 122
Mar 127.7 117.8
Feb 125.1 115.6
Jan 122.4 115
2009
Date Premium
Leaded
Super Unleaded Reg Unleaded Diesel
Dec
124.1 112.4
+4c +5c
Nov 118.7 108.9
Oct 115.6 105.3
Sept 118 106.7
Aug 116.7 104.8
July 117.2 105.4
June 116 104
May 108.8 100.9
Apr 106.4 99.9
No Change +5c
Mar 103.4 95
Feb 101.4 97
Jan 94.6 94.4
2008
Date Premium
Leaded
Super Unleaded Reg Unleaded Diesel
Dec 101.2 101.8
Nov 113 113.7
4
Oct
122.9
+8c 128.9 NoChange
Sept 127.5 128.9
Aug 128.8 138
July 133.5 143.8
June 130.5 142.9
May 124.9 132.4
Apr 120.7 124.6
Mar 120.2 121.8
Feb 116.9 117.5
Jan-08 118.9 119.6
2007
Date Premium
Leaded
Super Unleaded Reg Unleaded Diesel
Dec No Budget
change
119.2 119.8
Nov 118.8 117.3
Oct 115.2 110.4
Sept 115.9 109.4
Aug 116.9 109.9
July 117.8 109
June 117.3 108.4
May 115.9 108.5
Apr 111.1 106.8
Mar 105.5 104.2
Feb 102.6 102.4
Jan 103.4 103.5
2006
Date Premium
Leaded
Super Unleaded Reg Unleaded Diesel
Dec No budget
change
104.3 104.5
Nov 104.1 104.2
Oct 106.7 105.3
Sept 115 112.4
Aug 122.7 113.8

K.Flyer

mohican wrote: »

....
Certainly in the UK, which draws most of its oil supplies from the same Brent Crude supply as do we, prices at the pump have come down. Petrol has remained mostly static, hovering at £1.29 per litre.

£1.29 is more or less equal to €1.63, so we are doing better than our neighbours at the pumps considering that they have their own oil supply.

mohican

Date Open High Low Close
2014-10-08 75.16 76.32 71.74 72.04
2014-09-30 78.40 79.52 74.40 74.96
2014-08-29 78.62 79.64 75.67 78.50
2014-07-31 82.17 82.41 76.94 79.21
2014-06-30 80.69 85.07 79.03 82.07
2014-05-30 77.93 81.37 76.82 80.21
2014-04-30 78.03 80.04 75.51 77.94
2014-03-31 79.67 81.82 75.96 78.25
2014-02-28 78.72 80.64 77.98 78.99
2014-01-31 81.17 81.43 77.51 78.79
2013-12-31 80.88 83.14 78.37 80.35
2013-11-29 80.81 82.63 77.02 80.74
2013-10-31 80.13 82.83 77.04 80.04
2013-09-30 86.40 88.54 79.24 80.09
2013-08-30 81.59 88.40 79.05 86.35
2013-07-31 78.06 84.63 77.85 81.12
2013-06-28 76.54 80.06 76.11 78.55
2013-05-31 77.19 81.80 74.87 77.40
2013-04-30 85.71 87.16 73.97 77.80
2013-03-29 85.03 86.40 82.40 85.81
2013-02-28 84.68 89.23 84.41 85.13
2013-01-31 84.67 86.05 81.90 85.06
2012-12-31 84.99 86.04 81.58 84.19
2012-11-30 83.88 87.64 81.98 85.55
2012-10-31 87.11 89.68 82.45 83.81
2012-09-28 91.05 92.87 82.18 87.29
2012-08-31 84.88 95.03 84.60 91.14
2012-07-31 77.51 88.47 75.68 85.26
2012-06-29 82.11 82.32 70.44 77.31
2012-05-31 90.21 90.99 81.91 82.39
2012-04-30 92.23 95.15 88.97 90.31
2012-03-30 92.36 97.31 91.43 92.17
2012-02-29 84.42 93.59 84.21 91.83
2012-01-31 83.03 89.70 83.03 84.91
2011-12-30 82.38 84.92 78.66 82.85
2011-11-30 79.41 85.08 77.24 82.18
2011-10-31 76.88 82.90 74.66 78.56
2011-09-30 80.35 84.16 75.33 76.41
2011-08-31 82.17 84.56 69.41 79.70
2011-07-29 77.04 84.71 75.46 81.17
2011-06-30 81.33 85.51 71.72 77.52
2011-05-31 84.78 85.07 73.01 81.25
2011-04-29 82.74 88.00 82.14 84.91
2011-03-31 81.06 84.97 77.18 82.71
2011-02-28 73.07 86.86 71.36 81.06
2011-01-31 70.84 75.56 69.45 73.75
2010-12-31 65.28 72.23 65.05 70.89
2010-11-30 59.80 67.14 59.58 65.89
2010-10-29 59.82 61.95 57.84 59.75
2010-09-30 58.19 62.06 57.26 60.43
2010-08-31 59.32 62.98 56.65 58.82
2010-07-30 60.01 60.99 56.00 59.92
2010-06-30 60.95 64.69 58.25 61.20
2010-05-31 66.25 68.29 55.47 60.72
2010-04-30 60.78 66.19 60.62 65.88
2010-03-31 57.39 61.20 56.27 61.11
2010-02-26 51.28 58.16 49.79 57.04
2010-01-29 54.45 57.28 50.77 51.45
2009-12-31 51.95 55.08 48.37 54.38
2009-11-30 50.97 53.59 49.26 52.40
2009-10-30 47.37 53.89 44.99 51.03
2009-09-30 48.94 49.92 43.66 47.17
2009-08-31 49.97 53.28 48.01 48.56
2009-07-31 49.36 50.64 42.53 50.34
2009-06-30 46.37 52.31 45.95 49.32
2009-05-29 38.24 46.60 37.69 46.41
2009-04-30 36.62 41.38 35.78 38.46
2009-03-31 36.21 40.18 32.31 37.21
2009-02-27 35.80 37.21 31.17 36.45
2009-01-30 31.57 38.68 29.95 35.77
2008-12-31 41.98 41.98 25.91 32.67
2008-11-28 50.83 52.72 37.25 42.10
2008-10-31 70.82 71.43 46.95 51.33
2008-09-30 79.15 79.19 62.82 69.79
2008-08-29 79.30 82.21 74.20 77.90
2008-07-31 88.84 93.46 77.57 79.52
2008-06-30 81.75 91.45 77.91 88.86
2008-05-30 72.94 86.02 70.15 82.22
2008-04-30 64.39 75.29 63.32 71.52
2008-03-31 65.93 69.27 62.71 63.44
2008-02-29 61.77 67.53 59.74 65.96
2008-01-31 64.13 66.82 58.20 62.10
2007-12-31 60.51 65.54 59.08 64.36
2007-11-30 62.98 65.10 59.55 60.03
2007-10-31 55.69 63.03 53.67 62.65
2007-09-28 53.35 56.94 53.35 55.62
2007-08-31 56.29 56.44 50.38 53.31
2007-07-31 52.24 56.90 52.02 56.27
2007-06-29 50.68 53.88 50.28 52.75
2007-05-31 49.65 53.45 46.85 50.60
2007-04-30 50.76 52.01 47.69 49.50
2007-03-30 46.90 51.71 44.92 50.93
2007-02-28 43.93 46.99 42.78 46.79
2007-01-31 45.82 46.39 39.20 44.12
2006-12-29 47.92 48.72 45.52 46.14
2006-11-30 46.11 48.86 45.00 48.48
2006-10-31 49.17 49.76 44.94 46.23
2006-09-29 54.85 55.04 46.51 49.25
2006-08-31 58.63 61.19 53.68 54.90
2006-07-31 57.25 62.42 56.61 58.87
2006-06-30 54.83 58.31 52.53 57.50
2006-05-31 57.05 59.45 52.68 54.88
2006-04-28 55.00 60.63 53.58 57.41
2006-03-31 52.00 55.27 49.68 54.30
2006-02-28 54.43 55.68 48.72 51.80
2006-01-31 49.54 55.63 49.32 54.21
2005-12-30 46.96 50.51 46.60 49.84
2005-11-30 48.36 51.22 45.60 46.70
2005-10-31 53.43 53.71 47.63 48.47
2005-09-30 53.54 54.46 49.71 52.77
2005-08-31 49.03 56.48 48.07 54.34
2005-07-29 46.58 50.87 45.43 48.95
2005-06-30 41.58 49.01 41.58 45.96
2005-05-31 40.17 41.22 37.71 41.12
2005-04-29 42.28 44.90 38.70 39.59
2005-03-31 38.01 42.46 37.23 41.86
2005-02-28 34.89 37.98 33.21 37.77
2005-01-31 29.62 36.33 29.17 35.20
2004-12-31 34.06 34.12 27.81 29.85
2004-11-30 38.59 38.91 31.00 34.27
2004-10-29 37.26 41.82 37.02 38.39

slimjimmc

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