Crude gone down, dollar got weaker, petrol got more expensive?

polan

Has anyone noticed the sudden spike in petrol/diesel prices in the last few days? I find it very odd, especially with the exchange rate improvement and crude price going down. Actually, the trend in the US for the past week has been a fall in price ($0.05 per gallon). What's going on? I filled up for €1.329/litre on Sunday, today it's gone up to €1.369/litre.

bear1

polan wrote: »

Has anyone noticed the sudden spike in petrol/diesel prices in the last few days? I find it very odd, especially with the exchange rate improvement and crude price going down. Actually, the trend in the US for the past week has been a fall in price ($0.05 per gallon). What's going on? I filled up for €1.329/litre on Sunday, today it's gone up to €1.369/litre.

If I remember correctly, the price you pay now is what oil cost the previous month.
So mays prices will be reflected in June and so on.
You also have to remember that forecourts absolutely love increasing costs the moment oil grows 1 dollar but will take them 5 months to lower it if it's the contrary.
I noticed here in warsaw too. Overnight the prices had jumped 5 or 6 cents. Bastards.

polan

Makes sense, although if the crude goes up next week, I doubt we'll see any reductions next month.

Ubbquittious

I blame Trump

Atlantic Dawn

About 10 or so years ago I recall paying 1.79 a litre, at time the global warming climate change crowd were saying oil was rapidly running out and it was only going to go up. If the electric cars of today were around then they would have enjoyed a boom.

Ubbquittious

Atlantic Dawn wrote: »

About 10 or so years ago I recall paying 1.79 a litre, at time the global warming climate change crowd were saying oil was rapidly running out and it was only going to go up. If the electric cars of today were around then they would have enjoyed a boom.

Then the recession hit and all this talk of environment and carbon footprint went by the wayside. Now that things are on the up again you see people who paid some rich developer dude for an 'A rated home' or bought an EV off some dealer getting all evangelical about damn all you ordinary folk polluting the world.

Yet from 2008 till about last year there was very little talk about it. I suppose the VW scandal provided the affluent environmentalist crowd a fresh load of ammunition

Geuze

Diesel fell this week near me, from 123.9 to 121.9

polan

Atlantic Dawn wrote: »

About 10 or so years ago I recall paying 1.79 a litre, at time the global warming climate change crowd were saying oil was rapidly running out and it was only going to go up. If the electric cars of today were around then they would have enjoyed a boom.

10 years ago the average price for petrol was €1.159, not much different than today.

September 2012 was depressing with the national average at €1.700!

Geuze

US crude oil production fell back during 2015/16 as the price fell, due to Saudi expansion.

The Saudi plan to hurt US frackers has sort of backfired, as the US firms responded to the price fall with costs cuts and higher productivity.

They can now cope with lower prices.

So as prices recovered somewhat from USD 40, US production has actually recently increased.

grogi

Atlantic Dawn wrote: »

About 10 or so years ago I recall paying 1.79 a litre, at time the global warming climate change crowd were saying oil was rapidly running out and it was only going to go up. If the electric cars of today were around then they would have enjoyed a boom.

Because it is running out. With the increased price of crude oil, the more difficult/environment unfriendly/dangerous reservoirs become financially viable.

grogi

Ubbquittious wrote: »

Then the recession hit and all this talk of environment and carbon footprint went by the wayside. Now that things are on the up again you see people who paid some rich developer dude for an 'A rated home' or bought an EV off some dealer getting all evangelical about damn all you ordinary folk polluting the world.

Yet from 2008 till about last year there was very little talk about it. I suppose the VW scandal provided the affluent environmentalist crowd a fresh load of ammunition

You present a very simplistic way of dealing with issues - when we don't talk about it, things stop to exist.

Geuze

Brent crude oil price

https://www.dailyfx.com/crude-oil

Since 11-April, the Brent crude oil price has fallen sharply from a range of USD 54-56 to USD 48 today.

So expect cheaper kerosene and diesel soon.

RocketRaccoon

The one thing I cannot understand and I'm sure someone will explain very easily for me. How is it that one Topaz can charge ?1.25/L and the one 200 yards down the road can charge ?1.31/l? Surely under a franchise they should all charge the same per litre.

Geuze

Over the last 3 months, the euro has risen from a low of USD 1.05 to nearly USD 1.10 today.

That will also help reduce the import cost.

So cheaper crude and a weaker dollar/stronger euro mean lower price oil in Ireland into May/June.

grogi

RocketRaccoon wrote: »

The one thing I cannot understand and I'm sure someone will explain very easily for me. How is it that one Topaz can charge ?1.25/L and the one 200 yards down the road can charge ?1.31/l? Surely under a franchise they should all charge the same per litre.

Because the one that charges €1.31 is located better and will attract customers even at higher prices.

RocketRaccoon

grogi wrote: »

Because the one that charges ?1.31 is located better and will attract customers even at higher prices.

I wasn't joking when I said there are 200 yards in the difference.

harr

bear1 wrote: »

If I remember correctly, the price you pay now is what oil cost the previous month.
So mays prices will be reflected in June and so on.
You also have to remember that forecourts absolutely love increasing costs the moment oil grows 1 dollar but will take them 5 months to lower it if it's the contrary.
I noticed here in warsaw too. Overnight the prices had jumped 5 or 6 cents. Bastards.[/quote
Not normally the forecourt operators but wholesale suppliers who has the most influence on what an individual garage will be charging..
Now saying that you naturally will get the odd forecourt whose price always seem to be high.,

harr

RocketRaccoon wrote: »

The one thing I cannot understand and I'm sure someone will explain very easily for me. How is it that one Topaz can charge ?1.25/L and the one 200 yards down the road can charge ?1.31/l? Surely under a franchise they should all charge the same per litre.

Not all garages pay the same for wholesale fuel the busier garage who sell more because they are in better location or are a bigger shop will get better price that the less busy topaz 200 yards down the road

Ubbquittious

grogi wrote: »

You present a very simplistic way of dealing with issues - when we don't talk about it, things stop to exist.

That seems to be the case. Concern for the environment seems to be a luxury item. When the economy is in trouble people will drop what they're doing and feed the beast through whatever means possible. Even big high and mighty governments can't resist the urge to "pull stuff out of the ground in order to create wealth"

Akrasia

Ubbquittious wrote: »

That seems to be the case. Concern for the environment seems to be a luxury item. When the economy is in trouble people will drop what they're doing and feed the beast through whatever means possible. Even big high and mighty governments can't resist the urge to "pull stuff out of the ground in order to create wealth"

It's seen as a luxury, but in the long term, it is way cheaper to go renewable than to keep scraping tar out of the sand.

Short termism is costly in economic terms, and when you add in the environmental devastation, we are looking at civilisation ending consequences if we don't become a more sustainable global economy

Ubbquittious

Akrasia wrote: »

It's seen as a luxury, but in the long term, it is way cheaper to go renewable than to keep scraping tar out of the sand.

Short termism is costly in economic terms, and when you add in the environmental devastation, we are looking at civilisation ending consequences if we don't become a more sustainable global economy

I concur. I just think its a peculiar phenomenon that when we're supposed to be on the cusp of a global catastrophe we can just say "put that on hold for a year or 10" and look after this thing called the global economy instead.

And that economy thing isn't really anything. An abstract man-made concept that involves humans creating billions of hours worth of mindless busywork for each other, handing each other bits of paper for said busywork* and pulling stuff out of the ground to produce goods that people don't really need or even want.

*Now often replaced with bits'n'bytes in some huge glass building megacorp, bits of paper too slow and cumbersome to use.

pajor

Petrol has fallen here in NL 4/5c over the past week. Diesel about the same too.

About f*ckin time for a drop in price.

ytpe2r5bxkn0c1

Both diesel and petrol have fallen here in the past two weeks.

jca

It's even starting to fall in the dearest cartel, sorry, town in Ireland...