Heating oil big drop

Corrib oil 14/09 - Delivery in co. Limerick

500/1000

€670/€1320

that site doesn't cover all suppliers - there's only 2 listed for my county for example (and both are usually more expensive than the others)

But it always seems to say "last checked 5 minutes ago" no matter what time of day or night you look at it.

cant find any online oil suppliers that beat those shown on cheapestoil.ie (Looking in the Cork Area) seems 1.34per lt for 500

Caseys Circle K in Roscommon have kero advertised at 1.24.9/L in last Friday's Roscommon People newspaper.

Sorry yeah, pump.

Companies only update regularly when the price is going up, if you look at the site everyday and pay attention to the relevant factors that dictate the price it never follows that prices go down when everything else is going down. Bottom line is gouging from all involved to make up for Covid loses. I have seen prices on that website stay static for weeks while prices fluctuate and it's not because they bought at a high price.

Funny that - Qfuels were €1290 yesterday evening, they are €1283 today. €1 below capital oil.

Check a few of my posts. I can be quite accurate on what price will be a few days ahead - up and down. I called it at 1200 that it was going to jump to over 1300 within days. I also called out the indo when they said petrol was going to go over €2 a couple of weeks ago and said petrol would DROP to average below €1.80. Guess what - it dropped to av €1.80

On 1000L a company will have a gross profit of about €70 - €90, sometimes even less. That's before any costs whatsoever. And in most cases their storage tanks will hold under 40,000 litres. (literally about 40 1000L deliveries and that's if they fill it to the brim) They also get very little credit in that they are paying 7 days later (standard industry practice)

Working out the prices is extremely easy. Its probably the easiest retailed price to work out every single cent, but still you have some people that will say "gougers" or some other really stupid remark.

Here's how utterly simple it is

Oil price (brent oil and price available on thousands of websites) + Refining price (again, easy to find on Thompsons Reuters or on refining company websites such as Neste. (has dropped in the last couple of days to $47 - was almost $60 last week)

Divide this by 159 (that's how many litres are in a barrel. (its an actual measurement - oil doesn't actually come in a barrel)

Divide by rate of exchange. US Dollar to Euro (currently parity, so even someone who spurts comments like "gouging" can calculate this - I hope)

Add carbon tax 10.38c per litre (available on revenue.ie)

Add NORA levy 2c (it pays to ensure the country holds 90 days supply at all times)

Add 13.5% vat

That's it in terms of cost.

The balance (ex vat) is between importer and distributor.

See, it is so simple, even those who bandy about stupid words like gouging / rip-off could actually get to a correct figure.

The only thing to note is oil prices take 10 - 14 days to feed in, refining price takes 3-5 days to feed in and exchange rate differences take 2-3 days to feed in.

Todays figures - Brent (last Friday) $94, refining (today) $47, exchange 1/1, price per litre from a refinery TODAY = 88.7c (euro)

Carbon tax + NORA = 12.38c

Total cost = €1.01

add VAT @ 13.5% - €1.145. So if you wanted 500,000 litres and bypassed all the importers and distributors, you would be paying €1,145 per 1,000 litres.

Lets add 10-15c per litre for importer (4-5c) & local distributor (balance) (+ vat brings this to 11.35c - 17c) and this comes to €1258 - €1320 per 1,000 litres as next week's price.

Check Cheapest oil next week and see how accurate this is - it really is this easy. Now try working out the part costs of any other retailed product and see if its this easy to find exact part costs of every step?

(A) I'm not stupid (B) I'm not spouting (C) I have read ALL of your posts on numerous threads and finally (D) you actually don't know as much as you like to think you do.

Doing a tidy out of a drawer and found an invoice dated 22-4-2020.

Filled my tank with 966 lites of kerosene for €425.

Those were the days my friends!

Ps - thanks to Walterking for the last few posts. Every day is a school day.

That may be correct but it still does not excuse the fact he regularly implies posters are stupid and idiots who know nothing about how markets work and is always arguing on the side of the companies or industries in question to justify why prices are not inflated.

It was a complement to Walter.

And an observation on the posts of (some) others who just chant buzz words.

It's very easy to come on here, and just make a broad statement with no substance.

In fairness Walter backs up his statements with data.

Thanks, 45euro cheaper than any of my local lads for 500L