Oil Prices

kieranwaldron wrote: »

Based on your estimate that the oil price makes up 33% of the fuel price, then petrol should have fallen by at least 17 cents over the past seven weeks. In my area here in KK, my local fuel retailer was charging 1.48 euros for petrol a couple of months ago. 1.48 x 33% x 35% (drop in the oil price) = 0.17. Therefore the price should have at least fallen by 17 cents, or even 19 cents when you consider that VAT is added to the price as a percentage.


When you consider that kerosene for central heating has a closer link to the oil price than petrol or diesel, then it is easy to see that my original contention that Irish consumers are being ripped off is right.
-

May I suggest you read my post again and understand the difference between 33c or lets put another way €0.33c and what you then used 33% (percent).
33c of €1.48c is about 21%.

A barrel of oil has 159 litres. So $59 / 159 / 1.13(rate of exchange) = 32.8c for a litre of crude oil (all this is available on google search)


Also understand that whilst Brent oil did go to $80 and has dropped to $59, $9 of that drop came in the last 3 to 4 days and that up to 10 days ago Brent oil was still over $72. So expect some good drops in the next couple of weeks.

Then you need to understand the refining process and costs involved there and then take currency changes into account, though currency change has been small recently. But it affects the delivered, refined price and not just the raw material cost

I use fuel cards, so get advance notice of prices changes. Price has dropped by 3c for next week.

Maybe ask McDonalds why they charge €4 for a 1/4 pounder. Sure the meat and raw material for the bun costs about 40c!

And also, there is no barrier to anyone entering the fuel retail market. Once you have the right premises, safety training and the funds in place, you can do a deal with a distributor and trade away like any type of retail outlet. But if you don't have a good food/coffee business you will not have a very profitable business as fuel alone will not sustain most sites.

kieranwaldron wrote: »

I have reported the subject of this thread to two TD's and I therefore expect to see questions asked in the Dail about it this week.

Ffs, why not do a little very very basic research into fuel pricing yourself and stop wasting people's time.

ALL information right down to the last cent of cost is available.

The time wasting tds who did a similar "expose" a few years ago had egg on their faces when they realized that all the facts stacked up.

If anything, retail fuel pricing is the most transparent retail pricing of any product.

kieranwaldron wrote: »

I got replies from two TD's I made contact with. One was J.P. Phelan here in Kilkenny where I live. The other was Pearse Doherty of Sinn Fein.

As I said, it would be easier for you to work out all the costs yourself and you'll find you're pissing against the wind.

BTW, you got replies from some secretary and they think it will get a vote.

Fuel is one product where an ordinary person with internet access can find out the entire breakdown almost to the cent.

Try doing that on any other consumer product.

BTW, according to Platts, a litre of petrol will cost you just over 44c on the Dutch commodity market.

Now add your duties, carbon tax, distribution and vat to that.