A barrel of oil

[soulman101]

Was $123 on June 8th, Feb 24th it was $99 today it is $99.
So from June it has gone down 20%.
Petrol stations price go up like a rocket and come down like a feather.

[Dubbag]

Was $123 on June 8th, Feb 24th it was $99 today it is $99.
So from June it has gone down 20%.
Petrol stations price go up like a rocket and come down like a feather.

While I understand the sentiment Lloyd....they usually buy their oil on the forward market for delivery in the future.
So what is in their present storage capacity at the forecourts is the dearer stuff...so no change....but it should help going forward...

[baggieal]

While I understand the sentiment Lloyd....they usually buy their oil on the forward market for delivery in the future.
So what is in their present storage capacity at the forecourts is the dearer stuff...so no change....but it should help going forward...

I predict the economy will be well and truly screwed come September. The housing market has stalled - retail slowed - many are battening down the hatches and even holiday resorts are discounting in peak August weeks. When energy costs increase again by stupid levels in October - I can see riots and shop lifting and lots of it! The Euro and Pound slipping to embarrassing levels against the Dollar which means more price increases!

No wonder many don't want to work for the minimum wage - they simply can't!

[mickd1961]

The cost of oil isn’t the problem, it’s fuel duty and VAT that are the killer.

[Calgarybaggy]

Petrol is a commodity, like oil itself. It also has a totally different market than oil so its price will not rise and fall in lockstep with the price of oil. Oil is only one component of the pre-tax price of petrol, though, of course, its a huge component. Other factors are refinery capacity, transportation costs and demand (which is usually higher when everyone is trying to travel for summer holidays etc.) So you could have a huge drop in the price of oil but if the refineries don't have the capacity to refine it, there aren't enough trucks to transport it and its a bank holiday weekend, you might actually see a rise in the price of petrol for a few days or even weeks followed by a drop a few weeks later as demand deceases and the refineries catch up on the capacity to produce it.

[DaveP67 is back!]

The cost of oil isn’t the problem, it’s fuel duty and VAT that are the killer.

Not wrong there. We should have some form of index system that automatically lowers the tax level on fuels if wholesale prices increase, not rocket science!

[Albionmad]

I go to the Canaries every year. Their fuel price is consistently about 40p a litre cheaper than ours. Given the exorbitant price we've been paying and the fuel duty that's been raked in, they could've removed the VAT which would reduce the price by around 40p/litre.

[Albionic68]

......No wonder many don't want to work for the minimum wage - they simply can't!

#prayforthebaristasofharrogate-again-ifanyofuseverstopped 😊 .