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Fuel prices - Coronavirus

  • 08-03-2020 6:33pm
    #1
    Registered Users Posts: 12,077 ✭✭✭✭Gael23


    Has anyone noticed any drops in fuel at the pumps? Surely it’s going to fall significantly


«134

Comments

  • Registered Users Posts: 81,223 ✭✭✭✭biko


    Not sure how you make this connection?


  • Registered Users Posts: 3,817 ✭✭✭Darc19


    Big price drop at end of last week on the market. This will feed into the pumps in a couple of weeks.

    Expect couple of cent off next week.

    But if oil was free, pump prices would still be about €1 per litres. (taxes, refinery and retail costs)


  • Registered Users Posts: 5,529 ✭✭✭con747


    biko wrote: »
    Not sure how you make this connection?

    Price of Brent crude has fallen nearly 30% since outbreak. Home heating oil has fallen at a slow rate and petrol and diesel should be dropping.

    Don't expect anything from life, just be grateful to be alive.



  • Registered Users Posts: 6,809 ✭✭✭phill106


    biko wrote: »
    Not sure how you make this connection?

    I imagine the suggestion is that there will be less people driving in and out of work, more people self isolating , working from home all pointing to less fuel being used, leading to excess stocks of fuel.


  • Registered Users Posts: 698 ✭✭✭hoody


    Price of crude oil has been dropping due to lower demand over past few weeks because of coronavirus


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  • Registered Users Posts: 81,223 ✭✭✭✭biko




  • Registered Users Posts: 5,529 ✭✭✭con747


    Also Russia did not sign up to the new measures OPEC wanted to introduce to stabilise the price of oil.

    Don't expect anything from life, just be grateful to be alive.



  • Registered Users Posts: 51,060 ✭✭✭✭bazz26


    Always slower for prices to go down at the pumps than go up.


  • Registered Users Posts: 3,817 ✭✭✭Darc19


    bazz26 wrote: »
    Always slower for prices to go down at the pumps than go up.

    Incorrect and a survey was done a few years ago by pumps.ie over several price changes and prices changed up and down by an almost identical time frame.

    However, we will notice price increases quicker than price decreases due to how the human brain works.


  • Registered Users Posts: 5,009 ✭✭✭mikeecho


    Home heating oil Kero has dropped about 15% in a month or so.

    Petrol near me has dropped from 1.459 to 1.379.
    Diesel down from 1.339 to 128.9.


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  • Registered Users Posts: 2,249 ✭✭✭pippip


    Drove Cork to Dublin today.

    Cork 133.9...... Dublin 147.9


  • Registered Users Posts: 1,389 ✭✭✭UsBus


    mikeecho wrote: »
    Home heating oil Kero has dropped about 15% in a month or so.

    Petrol near me has dropped from 1.459 to 1.379.
    Diesel down from 1.339 to 128.9.

    Lot of places still charging 1.35 and more for diesel. Pure rip off


  • Registered Users Posts: 51,060 ✭✭✭✭bazz26


    Darc19 wrote: »
    Incorrect and a survey was done a few years ago by pumps.ie over several price changes and prices changed up and down by an almost identical time frame.

    However, we will notice price increases quicker than price decreases due to how the human brain works.

    Some forecourts are indeed very slow to pass on the savings but fast to raise it, that's from passing them every day on the road, not an imagination by the brain.


  • Registered Users Posts: 3,817 ✭✭✭Darc19


    bazz26 wrote: »
    Some forecourts are indeed very slow to pass on the savings but fast to raise it, that's from passing them every day on the road, not an imagination by the brain.

    There will always be an odd one here and there. The pumps survey used over 100 garages and figures were gathered over several months (I was involved in the data gathering)

    Also, fuel prices change twice a week. If a garage doesn't do huge volume, then they may only get a delivery once a week or less, therefore their prices change slower.

    Always shop around.

    2c probably coming off on Tuesday and probably around 4 c off the next week - maybe a little more


  • Registered Users Posts: 3,830 ✭✭✭tabby aspreme


    Diesel 122 in urlingford


  • Registered Users Posts: 309 ✭✭soundman45


    Have a Circle K fuel card, weekly set price, since Friday 124.9 for diesel


  • Moderators, Category Moderators, Computer Games Moderators, Society & Culture Moderators Posts: 8,452 CMod ✭✭✭✭Sierra Oscar


    Price of brent crude just after plummeting 20%.

    Wonder how big the drops will be at the pumps in the coming weeks.

    Oil Crashes, U.S. Stock Futures Plunge in Asia: Markets Wrap


  • Registered Users Posts: 3,817 ✭✭✭Darc19


    Price of brent crude just after plummeting 20%.

    Wonder how big the drops will be at the pumps in the coming weeks.

    Oil Crashes, U.S. Stock Futures Plunge in Asia: Markets Wrap

    That must be one of the biggest one day drops in percentage terms. I wonder if the drop will be sustained.

    If it is, petrol will drop to under €1.25 and diesel to under €1.15 by 3rd wk March. Many stations may go a few cent lower

    Kero will possibly be under €500 for 1000 litres

    Trump will be livid. Oil needs to be over $40 for fracking to be profitable.


  • Moderators, Category Moderators, Computer Games Moderators, Society & Culture Moderators Posts: 8,452 CMod ✭✭✭✭Sierra Oscar


    Darc19 wrote: »
    That must be one of the biggest one day drops in percentage terms. I wonder if the drop will be sustained.

    If it is, petrol will drop to under €1.25 and diesel to under €1.15 by 3rd wk March. Many stations may go a few cent lower

    Kero will possibly be under €500 for 1000 litres

    Trump will be livid. Oil needs to be over $40 for fracking to be profitable.

    It is the largest daily drop that I can remember. Prices have been this low before even in recent years, but this fall is staggering. OPEC+ has truly imploded.

    The falls are accelerating too so its certainly not over yet.

    Serious repercussions for the US energy industry as you say and Russia will come under intense pressure too.

    It wouldn't surprise me if Trump responds by imposing a massive tariff on Saudi oil. He will be furious.

    https://twitter.com/FinancialTimes/status/1236782926261620736


  • Registered Users Posts: 3,817 ✭✭✭Darc19


    Trump is besties with the Saudis.

    Mick o'leary will be salivating at these drops. Unfortunately coronavirus is still a big issue, but could be share to buy.


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  • Registered Users Posts: 5,009 ✭✭✭mikeecho


    Oil crashes by most since 1991 as Saudi Arabia launches price war

    https://www.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia/index.html


  • Registered Users Posts: 5,009 ✭✭✭mikeecho


    Putin recently said that fuel was too expensive.

    This will do wonders for his popularity.

    https://www.reuters.com/article/russia-fuel-regulations/russia-resorts-to-stop-gap-measures-to-tackle-high-petrol-prices-idUSL8N1XC6EH


  • Registered Users Posts: 5,529 ✭✭✭con747


    Fuel "is" way to expensive, Putin wouldn't agree to OPEC's attempt to curtail the falling price so are now throwing their toys out of the pram. Lets see how it reflects at the pumps and the kerosene prices over the next week or two. The dollar has also weakened so by right their should be a serious drop in prices.

    Don't expect anything from life, just be grateful to be alive.



  • Registered Users Posts: 150 ✭✭JoeFritzl


    Seen as over 2 million people will be infected now, I could see this having a massive effect on the motor industry.


  • Registered Users Posts: 5,009 ✭✭✭mikeecho


    con747 wrote: »
    Fuel "is" way to expensive, Putin wouldn't agree to OPEC's attempt to curtail the falling price so are now throwing their toys out of the pram. Lets see how it reflects at the pumps and the kerosene prices over the next week or two. The dollar has also weakened so by right their should be a serious drop in prices.

    Interesting point.. when oil is cheap, petrol stations make more profit.

    They just increase their margin of profit.. what's an extra cent or two when fuel is so cheap.

    (Not motor related, but I'm tempted to get an ibc just for 1k L of Kero if it drops into the low 50's)


  • Registered Users Posts: 8,564 ✭✭✭CoBo55


    Darc19 wrote: »
    There will always be an odd one here and there. The pumps survey used over 100 garages and figures were gathered over several months (I was involved in the data gathering)

    Also, fuel prices change twice a week. If a garage doesn't do huge volume, then they may only get a delivery once a week or less, therefore their prices change slower.

    Always shop around.

    2c probably coming off on Tuesday and probably around 4 c off the next week - maybe a little more

    Yea yea yea, maxol close to me was 130.9 and 140.9 on Wednesday, went up to 131.9 and 141.9 on Friday, amazingly the two Mcsorely garages dropped from 133.9 and 143.9 to, yes you've guessed it 131.9 and 141.9...


  • Registered Users Posts: 346 ✭✭marcos_94


    pippip wrote: »
    Drove Cork to Dublin today.

    Cork 133.9...... Dublin 147.9

    I was in Cork city over the weekend and petrol was 143.9 (cheapest i saw) vs 143.9 up the road from me here in Dublin. Where do you get petrol at 133.9? Ill be frequenting there more often when im down!


  • Registered Users Posts: 80,798 ✭✭✭✭Atlantic Dawn


    What a time to be an ICE driver, long may it continue.


  • Registered Users Posts: 2,249 ✭✭✭pippip


    marcos_94 wrote: »
    I was in Cork city over the weekend and petrol was 143.9 (cheapest i saw) vs 143.9 up the road from me here in Dublin. Where do you get petrol at 133.9? Ill be frequenting there more often when im down!

    Youghal - I mean every station was around that price, give or take a cent, not just one having a generous day.


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  • Registered Users Posts: 3,817 ✭✭✭Darc19


    Here's the fuel breakdown

    Petrol
    Duty - 54c
    Carbon tax - 6c
    Refinery costs - 8-10c
    Distribution costs - 5-6c
    Retail margin - 7-8c

    Total fixed costs 80-83c + vat. = 98c - €1.02

    Basically if crude oil was free, the pump price for petrol would be €1 av.

    119 litres in a barrel of fuel. So at last week's $46 av price, the oil cost would add about 40c (Inc vat) to the €1, giving a forecourt price of €1.40
    If oil prices stay about $35 (brent), petrol will drop to about 1.29 in about 2 weeks

    Retailers and distributors can take a smaller amount which when combined can give about 8-10c to play with. (6-8c excl vat)


    Diesel duty is 11c less. (about 13c Inc vat) but is a little more expensive to refine, so usually about 10 - 12c less than petrol at the pumps.


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